The event's future has been in doubt for several months as it had thus far failed to secure a new deal with the Formula 1 organisation.

Barcelona is one of five races whose contract expires at the end of the current season, and the circuit was believed to be in a fight to remain on the calendar with Germany and Mexico.

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However, the Catalan government on Thursday approved a plan for the extension of the current contract for 2020, saying this means Barcelona will host its 30th Spanish Grand Prix next year.

"The executive council has today authorised the Circuits de Catalunya, SL society to sign a one-year extension of the contract for the organisation of the F1 Spanish Grand Prix for the year 2020 with the Formula One World Championship Limited company," said the Govern de la Generalitat de Catalunya in a statement.

"The subsequent signing guarantees the 30th consecutive event at the Circuit de Barcelona-Catalunya, in Montmelo.

"The F1 Grand Prix in Catalonia is an event that contributes to the positioning of Catalonia in the areas of tourism and the automotive industry.

"Its continuity will also allow the presence of the Circuit de Barcelona-Catalunya in the calendar of the main national and international motor competitions while a long-term strategic plan for the Circuit de Catalunya is drawn up."

According to Spanish media, the 2020 Barcelona race would take place on May 15-17, between the Dutch and Monaco Grands Prix.