Last year, F1 chief Bernie Ecclestone warned that because the current contractual terms are "a disaster", once the deal expires after the 2016 race, Formula One will leave Monza.

Worsening the situation, it then emerged that the new, so-called 'stability law' passing through parliament could cost Monza up to about EUR 20 million in tax exemptions.

Angelo Sticchi Damiani, the president of the Automobile Club d'Italia (ACI), insists that every effort is being made to save the grand prix, but he admits the situation is very challenging.

"Monza is the oldest circuit in Formula One, a record that we don't want to lose," Italian news source AGI quoted Sticchi as saying.

"The matter is complex and difficult. There is no room for mistakes.

"We have to work together to see how to reach our target, which is Monza remaining the venue of the Italian GP from 2017 to 2020."