Talks for a race – to be held at night under floodlights in order to boost its appeal to a European TV audience – took place on Sunday when the new season got underway in Melbourne.

Bernie Ecclestone is hoping to agree a deal with property billionaire Ong Beng Seng to secure a race, but he warned it was far from signed and sealed.

The F1 chief said: “We are looking into all the problems and trying to find ways to solve them. The trouble is the government of Singapore really want it to be a private enterprise.

“Beng Seng and I have been friends for many, many years and we are trying to put it together. If we don't get it done, it won't get done.”

Speculation Beng Seng could secure the rights has seen shares in his Hotel Properties Ltd company rocket by more than 25 percent in recent weeks.