The future of the Singapore Grand Prix appears brighter with a new contract "very close" according to promoter Colin Syn.

Already one of the gems of the Formula 1 calendar, the night race around the streets of Marina Bay is in the final year of its current contract and Syn was at Silverstone a week ago for talks with CEO Chase Carey and commercial managing director Sean Bratches.

Much like the nearby race at Sepang in Malaysia, which will host its final race after 18 years in October, Singapore has been weighing up the financial viability of remaining on the calendar with the race a huge hit with spectators from all around the world enjoying the unique spectacle but burdened with the high cost of hosting.

"It’s a work in progress," Syn told Motorsport.com.

"It’s a serious matter, so we’re being very careful. Everything we do has to be together. It’s very close, and we’re very hopeful. We can only hope!"

Currently, the race is listed as 'to be confirmed' on the 2018 schedule released several weeks ago. The loss of the race would be a significant blow to F1 due to the immense success it has had in such a short space of time, particularly in Asia where the sport has struggled to attract the fan base it hoped for.

Asked if the length of a new contract was a sticking point, Syn simply claimed: "We're just looking at a good deal."