Rumours of a possible F1 event in Singapore began in early 2005, though it was a year later before Minister for Trade and Industry, Lim Hng Kiang, admitted that the country's tourism board was "actively" looking at hosting a round of the Formula One World Championship.

Now, it has been revealed that Bernie Ecclestone has held talks with the relevant parties and Herman Tilke, who visited Singapore last year, has already had his (street) track approved.

However, it's understood that the person who first suggested the idea of a Singapore Grand Prix - a "reclusive local business czar" - looks like losing out to a new equally mysterious entrepreneur.

"We have been talking to various parties about a race in Singapore, but as it is, nothing has been firmed up yet," Ecclestone told Today. "When we have something, you will definitely know about it."

Ironically, at a time when more and more eastern countries are attempting to jump on the F1 bandwagon, eyeing the (hopefully) rich rewards generated by tourism, not to mention the prestige of hosting a World Championship event, Singapore was actually offered the chance to host a race way back in 1991, but turned down the offer due to the lack of a suitable venue.

With regards the current situation, a source told Today: "We were very close, 99 per cent there with Ecclestone. We can't afford to miss the boat again because Singapore may not be given another chance."