Valencia will be the only Spanish date on next year's Formula One calendar.
That was the claim on Tuesday of Radio Valencia as well as Cadena SER, the premier Spanish radio network.
The reports said Valencia, the Spanish port city and host of last Sunday's European grand prix, will take on the mantle of the Spanish grand prix in 2012 and beyond.
Also on Tuesday, Valencia mayor Rita Barbera told the EFE news agency the city wanted an earlier date on future F1 calendars.
In May, Barcelona's Circuit de Catalunya hosted Spain's long-standing other F1 race, the Spanish grand prix.
Tuesday's radio reports said the fact Valencia will host the only Spanish F1 race in 2012 was based on a "verbal agreement" that will soon be memorialised in writing.
The event's new deal, reportedly agreed by F1 chief executive Bernie Ecclestone at the weekend, runs through 2021 and gives Valencia the May date usually reserved for Barcelona.