Formula 1 CEO Chase Carey is confident of soon reaching a deal to extend the Singapore GP's presence on the F1 calendar beyond 2017.

The event, in its final year of a five-year deal brokered by Bernie Ecclestone in 2012, is currently marked as 'to be confirmed' on next year's schedule as parties remain in discussion over the term renewal.

But Carey lavished praise on the race, reiterating his wish for the venue to continue beyond this season's 10th edition.

"We are actively engaged with our partners (in Singapore), our goal is to reach a new deal," Carey said on Wednesday.

"We have a great relationship with our partners, a deal has not been concluded but discussions are still ongoing."

The American executive did not reveal the details of the discussions but insisted the Marina Bay event represented a tremendous asset for Formula 1 and a crucial part of the sport's strategy in Asia.

"Singapore anchors our Asian strategy, it is the signature race for Asia," he said.

"This is the marquee race and our goal is to renew the contract. It is certainly a race we are proud of.

"Singapore is one of the gateways into Asia and it's incredible story of growth in the last 50 years had captures the world's attention."

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