Valencia president Alberto Fabra on Sunday sounded confident the Spanish port city will return to the F1 calendar in the future.
Amid Spain's harsh economic crisis and the strong protests of angry residents, the circuit - despite showcasing a thrilling race on Sunday - struggled this weekend to fill its vastly-culled capacity.
But Fabra insisted it is not too late to rescue the event.
"We are negotiating, and hopefully not before too long we can realise this potential alternation and set new conditions," he said on Sunday, according to El Pais newspaper.
He is referring to his talks on Sunday with Bernie Ecclestone, and the proposal that Valencia and Barcelona from now on share a single annual grand prix race date.
Asked if the F1 chief executive will also agree to reduce Valencia's race sanctioning fee, Fabra answered: "Everything is being negotiated. All this is happening, of course, because there is little money, but the negotiations continue and there is a willingness on both sides."