Oct.5 (GMM) Valencia's mayor has revealed active negotiations with Bernie Ecclestone over the future of the formula one street race.

The existing contract - as the European grand prix - runs to 2014 and it is rumoured the current talks are about Valencia then replacing Barcelona as F1's sole Spanish event.

The port city's mayor Rita Barbera has revealed to EFE news agency that she met with Ecclestone last Saturday and the talks are "on the right track".

"I will confirm the meeting (took place) because it was extremely important for him (Ecclestone) to know (new Valencia president Alberto) Fabra and to resume the pace of negotiations," she said.

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