According to UK newspaper reports an agreement was reached on Friday for Silverstone to host the British grand prix for a number of years from 2010.
Silverstone has been the front-runner to stage the race after Ecclestone ruled out Donington Park’s chances of hosting the race in October. The company re-developing Donington failed to show it had the £135 million funding required.
"It would be almost inconceivable for there not to be a British Grand Prix next year, but until it is signed, there is always the possibility that will be the case," Damon Hill, president of the British Racing Drivers' Club, the owners of Silverstone, told BBC Sport last week.
Ecclestone had imposed a December 9 deadline last month for a deal to be put in place.
