Silverstone has denied media claims that a deal has been agreed which will see the British Grand Prix remain at the Northamptonshire circuit.

Having exercised a clause in its contract just days before the 2017 race, as it stands this year's race at the iconic British circuit is the last.

Circuit owners, the British Racing Drivers' Club, pulled the plug on the previous deal having finally spotted the rather large elephant in the room in the form of an already hefty hosting fee which increased year upon year.

Despite endless rhetoric from the sport's owners a satisfactory deal has yet to be struck, the BRDC seeking more favourable terms, while Formula One Management knows that if it agrees a deal with one circuit others will want similar concessions.

The situation has not been helped by F1's plan to run the proposed Miami Grand Prix on a revenue sharing basis, or claims that the fee agreed with organisers in Vietnam is in the single-digit millions.

Reacting to the claim by Joe Saward on Motorsport Week that "fans can breathe a sigh of relief" as the race has "been rescued and that the event would continue beyond this year’s grand prix", a post on the Silverstone Twitter feed this morning announced: "Unfortunately there is unsubstantiated news circulating this morning regarding the agreement of a new deal for the British Grand Prix at Silverstone. At this time we can confirm that we have not agreed a contract however talks are still progressing."

This followed an earlier tweet from Silverstone in reaction to Saward's "the British GP has a new three-year deal" that merely read "Fake News!".

This was subsequently deleted and the more formal denial posted, after Saward had claimed that his sources had confirmed that a new agreement would see Silverstone "remain on the calendar through to 2022", while FOM hopes to add a second British event, most likely in Stratford in east London, scene of the 2012 Olympics.