Global Motorsport Media
Jan.25 (GMM) Valencia is waiting on fellow Spanish F1 host Barcelona to reply to talks about alternating a single annual race date.
Both venues have admitted to suffering economic difficulties at present, with the sport's chief executive Bernie Ecclestone pushing for them to share a spot on the calendar in future.
Valencia's regional president Alberto Fabra is quoted by the EP news agency as admitting he wants Ecclestone to agree to a new deal with "different conditions".
Fabra met with the Briton last week.
"Now we are waiting for a response from him and, after contact with different organisations and also with Catalonia, he will tell us what are the alternatives.
"I'm waiting for what Ecclestone says, being aware of our economic situation, that allows us to continue with the grand prix," he added.
Fabra said simply breaking Valencia's existing race contract is not an option.
"There is a penalty of two years of fees and then a submission to the English courts for a possible (further) compensation," he revealed.
"The only viable option is to renegotiate the contract," added Fabra.