Pirelli chairman Marco Tronchetti Provera, has said that his company, which has a three year contract to supply tyres for F1, will be happy to extend the deal providing the financial terms are acceptable.

When Bridgestone announced its shock decision to follow fellow Japanese F1 outfits Honda and Toyota out of the sport in 2009, F1 was forced into a mad scramble to find an alternative supplier. Those four bits of rubber might not get much real publicity from the sport but without them it couldn't happen.

While the FIA is understood to have not been to keen to see Michelin return to the sport, there were few other serious bidders, after all being the sole tyre supplier to F1 is something of a poisoned chalice.

Eventually however, a deal was agreed with Pirelli and after an absence of twenty years the Italian manufacturer agreed to return.

Little is known about the financial arrangement - this is F1 after all - however, the Italian manufacturer even agreed to compromise its reputation by producing a tyre that would deliberately deteriorate in terms of wear.

After four rounds of a season in which his tyres have been one of the main talking points - for better or worse - Tronchetti said he was willing to extend the current deal but on the right terms.

"It is a long term project, if it is affordable," he told reporters after lining up with the drivers in a paddock photocall. "If it is a formula that is not too costly, we are ready to continue.

"It is always depending on costs," he admitted. "We left because of the cost, we came back because it was affordable and we will continue to stay if the teams are providing us the opportunity to stay. I think the experience we are making makes us more comfortable in staying in. And then it depends on costs."

The Italian revealed that each team pays just 1.25 million euros (£1.09m) for its tyres supply with Pirelli's main cost being advertising. However, as the sport moves into new domains, India, Russia and the USA, this can only benefit the company.

Asked about the request from Bernie Ecclestone to produce tyres that deliberately deteriorate - a move which caused much flak for the Italian manufacturer, not least from Pitpass, Tronchetti said: "We were asked to create more emotions and we did it, with safe tyres lasting enough but not too much, which is really very difficult. We reached the target, which is much more difficult than to build tyres that last for the entire grand prix. The tyres perform well.

"What we did in nine months proved that we are ready to do anything," he continued. "At the beginning some people were saying it's impossible, it takes two years, you will have problems, the beginning will be a mess. It has been a good result. So touch wood we go ahead in this way."

Money aside, asked if Pirelli would remain in F1 if a rival tyre manufacturer was to enter the sport, Tronchetti said: "We are open. It's always a question of costs. It can be challenging.

"It's easier in a sense," he added, "because to produce tyres for few teams you can make the fine-tuning with each of them. It's more difficult to create tyres that are good for everybody and that fits the needs."