Between 1953 and 1998 Argentina hosted a round of the Formula One World Championship on 20 occasions - the 1971 event being a non-championship race which, irony of ironies, was won by Chris Amon.

Though all the races were held at the Autodromo Oscar Alfredo Galvez in Buenos Aires, the layout changed many times over the years.

Now, as Liberty Media seeks to expand the calendar to as many as 25 races, the Independent reports that discussions are underway for F1 to return to Argentina as early as next year.

"We are negotiating with Liberty Media to become the promoter of the GP in Argentina," says Arturo Rubinstein, president of investment firm Blue Capital, which owns Fenix Entertainment, a music and sports event promoter which has organised concerts featuring Justin Bieber and Elton John as well as the Argentinian round of the Formula E series."

The race would once again be held at the Autodromo with Rubinstein claiming that the government has already committed to funding the £21.5m upgrade required by the FIA.

"The government of the city of Buenos Aires has committed to fund the required works in order to get a further upgrade of the circuit according to F1 and FIA´s standards," he says. "The works to repair and improve the circuit will start as soon as we sign the agreement to hold the race in Buenos Aires for a five year term and the estimated amount is in the range of $30m. In an expert's opinion, the works may be finalised six months after they start.

"Our preference is to have the race held in 2019, at the beginning of the calendar," he adds, "back to back with Australia. It is worth noting that there are transpolar flights. Also, historically, the F1 races in Argentina were held at the beginning of the calendar. Another alternative is to have it in November, before or after Brazil."

Rubinstein reveals that talks to bring F1 back to Argentina began as long ago as 2014, Lotus then deputy team boss Federico Gastaldi's family having been involved in promoting the race in the 1990s.

"In early 2014 we had our first meeting in London with Bernie Ecclestone. The political and economic situation in Argentina did not help to make it happen during the following years but now it's the right time.

"We have been discussing the project with both the national and the city of Buenos Aires governments. The current president of Argentina, Mauricio Macri, has a sport background, having been president of Boca Juniors for 10 years during the most successful period in its history. It should be borne in mind that he is the former Buenos Aires city mayor and, as such, we have actually been talking with him about this project since the start in late 2013."

Talking to Reuters in 2015, Bernie Ecclestone insisted that the race "can happen. Not will, can", however, only now has it emerged that Liberty is involved in active talks.

"We already have the backing of the Argentine Automotive Club (ACA) as well as of some of the leading companies who have already anticipated their willingness to sponsor the event," says Rubinstein.

Rubinstein reveals that race director Charlie Whiting visited the track last August and was "impressed".