Oct.23 (GMM) The future of the Brazilian grand prix will shortly be guaranteed through to 2014.

At the Autodromo Jose Carlos Pace on Saturday, otherwise known as Interlagos, it was rumoured that Bernie Ecclestone would soon ink a new contract with organisers of the F1 race, including the construction of a much needed new paddock and pit complex.

It now emerges that F1's chief executive did indeed reach an agreement last weekend with Sao Paulo mayor Gilberto Kassab and Brazilian sports minister Orlando Silva, according to local reports.

A formal contract, also requiring a new 10,000 seat grandstand, is expected to be signed within the next few weeks.