While seeking to secure a deal with Silverstone, which is currently set to drop from the schedule after this year's race after its owners, the British Racing Drivers' Club, exercised a clause in their contract which allowed them to break it early, F1's owners, Liberty Media, have made no secret of their desire to take the sport away from conventional race tracks and into the heart of what they term, destination cities.

According to the Financial Times, though discussions with the BRDC continue, Liberty had looked at a number of alternatives including races on the streets of London or Cardiff.

While London is widely recognised - rightly or wrongly - as one of the world's leading cities, it will surely come as surprise - even to locals - to hear that Cardiff, the capital of Wales, and its largest city, was being seriously considered.

The FT claims, that, according to "several people familiar with the discussions", though London and Cardiff were being seriously considered, the move could not have been made in time for the running of the 2020 British Grand Prix, and as a result Silverstone is back in the spotlight.

"Silverstone has a value," a "person close to the talks", tells the FT, adding that "Chase (Carey) wants to maintain the historic core of F1."

With this in mind it is understood that F1 is seeking £18m a year while the BRDC is only willing to go as high as £15m.

Aware that other circuits will be watching the negotiations, Liberty has a tough task on its hands, and according to the FT, as a sweetener, is offering the BRDC "more rights over hospitality packages". It is not clear however, if the new deal, if agreed, would include an annual increment as is currently the case.

With central London out of the question, F1 has been looking east to Stratford, home of the 2012 Olympics, and while this remains an option for the future, it is the fact that the event could not be scheduled in time for 2020 that Liberty has been looking elsewhere, the Cardiff event "only abandoned in recent weeks", according to the FT.

As the sport prepares to celebrate its 1,000th round, it would not fit the narrative to see Silverstone - which hosted the very first race, back in 1950 - slip from the calendar.