Singapore Grand Prix organizers have refuted comments by the sport's supremo Bernie Ecclestone that the city-state had essentially agreed to extend its hosting rights for a further five years.
Ecclestone had been quoted to say that "all obstacles preventing the deal from going through have been resolved" and that a new five-year agreement was ready to be signed.
However Singapore GP said that while it has received a formal renewal notice from F1's commercial rights holder, it was not satisfied with the terms and said talks "are still ongoing."
"What is presently on offer from Formula One Administration is insufficient for us to commit to a full five-year extension," the statement read.
The initial five-year deal for F1's only night race is due to expire after this year's grand prix in September, with negotiations for an extension having been going for almost a year.
"Singapore GP has been in talks to cement terms that offer commercial viability," the statement read.
The amount Singapore pays to host a grand prix is reportedly around $40 million per year, which is far higher than that paid by some other countries, including neighboring Malaysia.