Even if Singapore decides against extending its current F1 race contract, the Asian city-state will host at least four more grands prix.
Last month it emerged that the government was yet to decide whether to extend its current race contract beyond 2012.
Senior minister of state S. Iswaran said the government wants to "make sure the economic benefits are justifiable going forward".
But even though Singapore’s contract expires in 2012, Formula One Administration has a five-year option to extend the deal, according to Singapore news network Channel NewsAsia and the Straits Times broadsheet.
The reports said that even if the government decides against a new contract, it will have to serve notice and host the sport until at least 2014.
Trade and Industry minister Lim Hng Kiang said in parliament on Monday that the government’s decision about F1 "will be based on an assessment of the costs and benefits to the economy over the long term".
He said the outcome of the review might not be known for a year.