According to reports in the Italian media, Bernie Ecclestone has agreed terms for a Grand Prix in Rome, though it unclear when the event will take place.

The F1 supremo has made no secret of his desire to see F1 take to the streets of the world's major cities, however, other than finding an appropriate track layout there also remains the question of funding. According to reports in the Italian media however, Rome, at least, is on the verge of overcoming both these problems and has already agreed terms with Ecclestone.

"The agreement with Bernie Ecclestone to give life to the Rome grand prix has already been done and signed," organiser Maurizio Flammini is widely quoted as saying. "The appropriate course still has to be defined."

However, according to the Guardian, the mayor of Rome, Gianni Alemanno, is adamant that a street race will not threaten the future of F1 at Monza. "We think the Rome grand prix would be very important and we are in favour of it," he said. "And it's not true that it is an alternative to Monza. Monza is a grand prix on the circuit, and the grand prix of Rome is integrative to that of Monza, it's not a replacement.

"We have calculated that there will be an income of 1bn euros (£900m) a year with this grand prix and Rome needs to renew its tourist appeal. Not only the past, archaeology and monuments, but also the future, something which is aimed at families and youngsters."

While Ecclestone has always appeared more focussed on those punters that can afford his Paddock Club, as opposed to "families and youngsters", it is sad that a city as beautiful and historic as the Italian capital has to resort to gimmicks such as F1. Furthermore, as far as the 1bn euros of tourist income Sgr Alemanno is expecting, it looks as though the mayor of Rome is the latest in a long line to fall for the F1 supremo's spiel.

While officials in Rome are hoping for a 2012 slot, it is widely thought that 2013 is more likely.