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Valencia is hoping to return to the Fomula 1 calendar in 2014.
The Spanish street race - recently the regular host of the European GP - has dropped off the sport's schedule for 2013 but it has been suggested that Spain's two F1 hosts, Valencia and Barcelona, will alternate the Spanish GP in future.
Barcelona will as usual host the race in 2013, leaving open the possibility of a return for Valencia in 2014.
MATTER OF PAPERWORK
Lola Johnson, Valencia's tourism minister, said the government had "been working" on a possible alternation with Barcelona and that it was “a situation is on the table".
"It's a three-way scenario, with the bosses of Formula 1 and the two organisers of the GP. The alternation is on the basis of the reorganisation of the contracts. The details are being worked on.
Johnson was speaking as Ferrari celebrated its end-of-season event at the Spanish port city's permanent circuit.
Johnson was speaking as Ferrari celebrated its end-of-season event at the Spanish port city's permanent circuit.