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Cape Town - Liberty Media are "genuinely trying" to secure a new contract with Silverstone that will keep the British GP at the Northamptonshire track for many years to come.
Next year's British Grand Prix marks Silverstone's last after the track's owners, the British Racing Drivers' Club, exercised an exit clause.
The BRDC cited the rising costs of hosting the grand prix, saying it was threatening the future of the track.
Liberty, though, are hoping a new deal can be agreed in the future.
"We are very hopeful," Sean Bratches, F1's managing director of commercial operations, told Sky Sports News.
"There has not been a lot of change in terms of the last time we spoke.
"We are having discussions and conversations around the business terms and both genuinely trying to get a deal done.
"Silverstone - it speaks for itself - it's an extraordinary brand. It's the home of the first grand prix."
Silverstone, though, is not Liberty Media's only option for a British Grand Prix with the sport's owners admitting they are keen on street races that bring the sport closer to the fans.
"We are having conversations with the mayor's office and conversations with cities around the world," Bratches said when asked about the possibility of a London race.
"Certainly if there was an opportunity in London for us to race in the great streets here this would be an ideal circumstance - both for London and for Formula 1 fans around the world."
