The Italian Grand Prix at Monza, one of five races in the final year of its contract, looks set to continue after the Automobile Club of Italy (ACI) reached an agreement in principle for a new five-year deal.

"ACI and Formula 1 have reached a general agreement regarding the economic aspects of the collaboration contract for the Italian Grand Prix at Monza for the next five-year period 2020-2024," said the ACI in a brief statement.

"The General Council of the Automobile Club of Italy has therefore given a mandate to the President Angelo Sticchi Damiani to continue the negotiation with Formula 1 on all the technical and commercial aspects related to the partnership, in order to reach, in a short time, the sign the contract and make the collaboration fully operational."

This year's Italian Grand Prix is the country's 70th, having hosted a round of the world championship ever since it came into being in 1950.

All but one has been hosted at the legendary Autodromo on the outskirts of Milan, the 1980 event having been held at Imola.

However, while the ACI needs to reach agreement with FOM, there is still the little matter of the €60m needed to complete "urgent" renovations to the track.

"It is an old track, close to reaching 100 years," said Damiani earlier this month, "and the right way to arrive at this date is to have the circuit up to its historic standard.

"If some help could arrive from the Italian government for the circuit, it would be decisive in order to do everything we want to do," he admitted. "We were able to find a balance with the help from the Lombardy region, which expires this year and we have to renew for the next few years.

"The ACI is involved in the payment of the hosting fee to Liberty Media and cannot spend money on the very urgent renewal of the circuit," he warned.