The F1 supremo set various contract-signing deadlines for Silverstone managers during protracted negotiations, with the current deadline being Wednesday, December 9.

Industry magazines have reported the sticking point to be an "escalation clause" which would see the price paid by Silverstone rising by about seven per cent a year.

But yesterday a Parliamentary delegation of the Business, Innovation and Skills committee visited Northamptonshire to talk with Silverstone managing director Richard Phillips.

He said: "I don't think there are any real stumbling blocks, we're going through the last details of the deal.

"I'm pretty convinced that it will be run at Silverstone next year."

The Northamptonshire circuit has been warned it must modernise facilities to keep the race long-term and Phillips is confident of a resolution.

He added: "We've been planning for more than a year, we'll finish the track works in March and start on the new pits ready for 2011."

Committee member Brian Binley, MP for Northampton South, said he believed a successful conclusion to the deal has drawn nearer.

He said: "My understanding now is that there has been a closing of the gap in the last few days.

"What was being offered before was not something that Silverstone could afford and you can't operate a business where you are grinding a partner into the ground.

"If it's the case that changes have been made from Bernie's end, then all credit to him. Having the British Grand Prix here is right for Silverstone, for F1 and for Britain. It's an iconic event."

The two parties seemed to be as far apart as ever at the weekend when Mr Ecclestone stated there was no forward movement and that as far as he was concerned there was no British Grand Prix.

He reiterated the December 9 is the deadline as it is the day when the F1 Commission meets to decide which Grand Prix to include in next season's race calendar.

Mr Binley said he believed his comments were typical of the F1 boss's style of negotiations.

The MP said: "Bernie is well known to conduct negotiations by saying one thing when he's talking to the media and another when he's sitting down at the negotiating table. That's just his style."