An F1 statement said it had reached an “agreement in principle for a new five-year deal” and it hoped to reach an agreement “as soon as possible”.
Race organisers Italian Automobile Club (ACI) said it had agreed the “economic aspects of the contract”.
The length and cost of a new contract have been agreed but the deal has not yet been signed.
The news is a boost for F1, as not only does it protect the future of its longest-serving circuit but it means it has completed one important step in an attempt to retain the current length of season at a time when five of the 21 races have contracts up for renewal.
The British, Spanish, German and Mexican Grands Prix are all in doubt for 2020 as a result of deals that expire this year.
On Tuesday, Silverstone denied reports that it had secured a new three-year deal for the British Grand Prix.
Silverstone managing director Stuart Pringle told BBC Sport that “speculation” about the track agreeing a deal was “premature” but that he was “still in negotiations in the hope of getting one”.
Vietnam will make its debut on the F1 calendar next year with a race in the capital Hanoi, and F1 is keen on a race in the Netherlands, at the historic Zandvoort track that last hosted a race in 1985, to leverage the huge fanbase for Red Bull’s Max Verstappen in his home country.
Published: 30 April 2019