May 16 (GMM) Paris is reportedly not yet ready to step in and replace the outgoing formula one venue Magny Cours as host of the annual French grand prix.

It was reported early this week that F1 chief executive Bernie Ecclestone, keen to instate a Paris date on the grand prix calendar as soon as possible, ruled out returning to the unpopular rural venue Magny Cours following its swansong race next month.

Ecclestone revealed that he has been told by French prime minister Francois Fillon that he will look into the possibility of a Paris race.

But the French daily newspaper Le Figaro said on Friday that, despite Fillon's support, the Paris project is lacking funds.

Plans are reportedly well advanced for a formula one race at Disneyland Resort Paris, which is about a half hour drive from the capital city, but the project is lacking about $31m in necessary funding, Le Figaro said.

Disneyland Paris' owner, Euro Disney, is reportedly willing to host the event on its grounds but argues that the French government should provide the money.