Bernie Ecclestone on Tuesday had a "private" meeting with Valencia’s government president Alberto Fabra.
That is the claim of the Spanish press, amid reports the Spanish port city might have to accept an annually alternating race date on the F1 calendar with Barcelona as Europe’s economic crisis deepens.
EFE news agency said Fabra requested the meeting in London as Valencia "seeks to negotiate down" its contract to host the street race every season.
"There is a willingness to negotiate," confirmed vice president Jose Ciscar, "and we are on the right path".
He predicted there will be "more meetings" to come.
Running the annual race at present is promoter Valmor’s Facundo Garcia de la Cuadra, who told Sportspro in an interview that Valencia wants F1 "forever".
But he also acknowledged the possibility of an alternating date.
"That’s something we have been talking about in the last weeks," he said. "We will see, that’s all I can say at the moment."