The future of the British Grand Prix will be decided on Monday.

Since Donington Park's bid to stage the oldest race on the Formula One calendar fell by the wayside recently, Silverstone officials have been embroiled in intense talks with the sport's supremo, Bernie Ecclestone, about saving the event.

Former F1 world champion and British Racing Drivers' Club chairman Damon Hill recently confirmed that the situation was drawing to a head, with only the finer details of a new, highly-detailed contract to be finalised.

However, talks are still ongoing and it is understood the final round is scheduled for early on Monday, with Silverstone officials optimistic of finally putting pen to paper.

Following those discussions, Hill and Silverstone managing director Richard Phillips are to hold a press conference at the Grosvenor House Hotel in London at which they will be announcing the finalised plans, one way or the other.