The Nurburgring is hoping to conclude a new ten-year contract to keep hosting formula one every two years.
An official of the German circuit, Kai Richter, is quoted as saying the new ten-year deal on the table will mean at least "five more races" are held at the Nurburgring.
Track operator Jorg Lindner confirmed to SID news agency that the deal had been reached after "difficult negotiations" over "four meetings" with F1’s chief executive Bernie Ecclestone.
He described the outcome as "very attractive", but warned that the signatures need to be added by June.
"Otherwise, formula one could be gone (from the Nurburgring) for many, many years," said Lindner.
The Nurburgring annually alternates the German grand prix with Hockenheim.