Silverstone bosses are expected to axe their British Grand Prix contract within days.

The Sun reports that the call to cancel the historic race after 2019 could come as soon as Tuesday.

"It is then expected that the [circuit-owning] BRDC will approach Liberty about agreeing new terms that are more favourable," the report said.

The news comes as new F1 CEO Chase Carey said ahead of the Austrian Grand Prix that European races are the backbone of the F1 series.

"As we have said since the beginning, we value the importance of the tradition of this sport very much," he told Kleine Zeitung newspaper.

"Europe is definitely the cradle of Formula 1, so events that are successful and part of this fascinating history have the best chances to stay."

This year's iteration of the race takes place next Sunday.