MONTREAL-- It looks like the Canadian Grand Prix will be held in Montreal for another decade.

While in New York, Montreal mayor Denis Coderre announced that a new long-term agreement is just weeks away from being inked.

The current deal that Formula-One has with event promoter Octane Racing Group expires after this year's race -- set to take place June 8th at the Gilles-Villeneuve circuit.

The city, the province and the federal government are all being asked to fund improvements to the racetrack that could cost as much as $40 million .

The 2011 Canadian Grand Prix generated $90-million -- $75 million of which, came directly from tourists spending money during their stay in Montreal.