Along with Britain, Spain, Italy and Germany, Mexico City is one of five grands prix that came up for contract renewal this year, and whose promoters have been in negotiation with the F1 organisation.

The race's official Twitter feed said today: "The City of Mexico's #FIESTA will continue! Thanks for being the best fans on the planet. Stay tuned on our social channels tomorrow to know all the details."

The news was confirmed in a video by Mexico City mayor Claudia Sheinbaum, who took over the office in December.

"I want to share some good news that I just received," she said. "Formula 1 is staying in Mexico City. The FIA president is going to be here tomorrow to sign it. This is good news for the city.

"I also want to tell you that this is thanks to a group of businessmen who made this possible because this time the city is not using any public funds. It's good news for the city. It brings tourism, it brings income, and it's also good for the country."

The withdrawal of significant public funding had meant that the race's future was under serious threat, despite the huge crowds attracted since 2015, thanks largely to the presence of Sergio Perez.

The official announcement of the deal will be made at the mayor's office on Thursday, which will coincide with Liberty's release of its latest quarterly financial results.

Sources suggest that the deal is for three years, rather than the five of the previous contract.

Thus far, of the five out-of-contract events, only Silverstone has been formally confirmed, so a second extended deal will allow the sport's owners to announce some good news.

Italy and Spain are also both set be renewed, with Germany falling off the calendar.