From 2013, Barcelona and Valencia will alternate the hosting of grand prixs, Bernie Ecclestone has said.
Spain has been hard hit by the current economic crisis and in an attempt to cut costs, only one race will be held in the country per year.
"Barcelona and Valencia have agreed that the best thing is to alternate and now we are trying to decide on the dates," Ecclestone told Spanish radio station Cadena Ser.
"It's simply a way for us to try and help Valencia and if by alternating with Barcelona it helps them, then it's a good solution.
"Obviously, the year Valencia does not host the event it would not have to pay anything."
However, while the matter appears to be done and dusted in Ecclestone's eyes, Vicente Aguilera, the president of Barcelona's Montmelo circuit, insists that negotiations are still ongoing.
"We are negotiating and we have a positive attitude," he told Marca.
"In part because Bernie thinks it is a good idea, and also because we have to find something that is sustainable for the country.
"At this moment nothing is agreed. We are negotiating and there has to be a three-way agreement."