Bernie Ecclestone has approved plans to radically upgrade the Interlagos circuit, scene of the annual Brazilian grand prix in Sao Paulo.
O Estado de S.Paulo newspaper reports that the plans were presented to the London office of the sport's chief executive on Wednesday of this week.
The newspaper said Ecclestone's approval of the sweeping plans essentially guarantees the organisers will retain the event beyond the 2014 contract until at least 2020.
Briton Ecclestone reportedly agreed that the plans comply with what he requested.
Recently, the 81-year-old said: "Brazil will have the next World Cup and the 2016 Olympics. It makes sense.
"I have long believed in Brazil -- we've been there since 1972," Ecclestone added.
"The future of formula one Brazil depends now on major improvements at Interlagos," he said. "These events (World Cup and Olympics) are a great opportunity to look at the circuit as well.
"I can no longer be questioned by the teams about why we are racing at the worst circuit in the championship," said Ecclestone.
Bernie Ecclestone demanded a drastic improvement in the ageing and cramped pit and paddock area at Interlagos.
But because of the steep terrain beyond the current paddock area, the organisers proposed to move the pits and start-finish line to the expansive area on the long straight after the Senna-S and Curva do Sol.