May 21 (GMM) Valencia is hoping to negotiate a new fee and then agree to annually alternate a spot on the Formula One calendar with Spanish Grand Prix host Barcelona.
Barcelona officials played down the likelihood of a deal when it hosted its race at the Circuit de Catalunya earlier this month.
But Valencia's regional government, the Valencian generalitat, said through its vice president Jose Ciscar: "We are negotiating a discount for it (the F1 race).
"When it is closed, I believe that we can sign the contract between the three parties," he told the Spanish news agency EFE, referring to Valencia, Barcelona and F1's Bernie Ecclestone.
Ciscar said F1 could therefore return to Valencia in 2014, adding: "But I'm very cautious.
"When we can announce that the deal is done, it will be announced."