Sep.19 (GMM) Almost another year may pass before it is known whether Singapore is staying on the Formula One calendar.

The city-state's popular night race, set to take place this weekend for the fifth time, has become one of the most highly anticipated stops on the sport's annual calendar.

But the current contract does not run beyond 2012, even though Singapore reportedly has to serve more notice before it can cease organising the event.

Reports earlier this year quoted Singapore officials as saying they were no longer willing to pay "top dollar" for their popular event.

S. Iswaran, the government minister in charge of tourism, told the Bloomberg news agency that talks are underway.

"We will take a hard look at the benefits that accrue to the economy as a whole and in turn what are the costs that the government would have to incur in order to continue to support this event in Singapore's context," he said.

Bloomberg said F1 chief executive Bernie Ecclestone did not immediately respond to a request for comment.