According to La Presse, Formula One will continue at the Circuit Gilles Villeneuve until 2024.
Jun.6 (GMM) Canada looks set to hold on to its popular place on the annual F1 schedule.
Montreal race promoter Francois Dumontier has sounded alarmed in recent weeks and months, as the backing of the event by the varying levels of Canadian government was holding up the signing of a new ten-year contract beyond 2014.
But La Presse, the French-language Quebec newspaper, said Formula One will continue at the Circuit Gilles Villeneuve until 2024, "barring a catastrophe".
"An announcement should be made tomorrow (Friday) at noon at the scene of the race," said correspondent Sebastian Templar, "ending negotiations that started almost two and half years ago."
Templar quoted a spokesperson for Quebec's tourism minister as hinting there "could be good news soon" regarding the Canadian Grand Prix.
And Radio Canada is also expecting the announcement to be made during a press conference on Friday.