Singapore is the latest country rumored to be hosting a new Formula One event, with news that F1 chief Bernie Ecclestone is in negotiations with at least two Singaporean groups about a deal to host the grand prix by as early as next year.

Local newspaper Today reports that the architect who designed the racing circuits in Malaysia, Bahrain, Istanbul, and Shanghai, German-born Hermann Tilke, has already designed one for Singapore.

"Yes, we have been talking to various parties about a race in Singapore but as it is, nothing has been firmed up yet," commented Ecclestone, further adding "when we have something, you will definitely know about it."

Estimated costs of hosting a race is estimated at around $50 million, but the level of tourist spending during the events easily offsets this amount. An unnamed Singaporean businessman is said to be leading the group interested in hosting the race.

Last year the president of the FIA, Max Mosley, mentioned that a race in Singapore would be welcomed, and the city-state's wide streets are ideal for racing meaning that construction of a new circuit isn’t even required.