According to Sport Bild, the 2015 deal could be announced at Red Bull's home race in Austria next weekend.
Austria aims to host a Formula One Grand Prix next year.
The Korean Grand Prix looks set to join India in Formula One exile, as Bernie Ecclestone trims the 2014 calendar to a maximum of 20 races. Austrai, Russia and New Jersey (USA) may be on the 2014 schedule.
The first event in Austria on a military airfield at Zeltweg in 1964. Osterreichring hosted the premier series races from 1970-1987. The A1-Ring in Spielberg held seven grand prix events starting in 1997.
Berthold Bouman, F1 Correspondent