Spanish bank Santander is in talks about extending its major sponsorship contract with Ferrari beyond 2017.

In 2012, it was reported that a new contract extension had pushed the existing Santander deal all the way until the end of next year.

"Our sponsorship with Ferrari is the best marketing operation in the 150 year history of the bank," chairman Emilio Botin said in 2012, two years before he died of a heart attack.

Now, two international reports suggest that Santander - headed today by Botin's 55-year-old daughter Ana Patricia - is still happy with the deal and wants to extend it again.

However, Marca says that Santander may be moving to reduce the value of the deal, and therefore the visibility on Ferrari's red livery.

The report said that Santander's current deal is currently worth an estimated €45m (£34.3m) per year.

Also reporting from Monaco at the weekend, the German-language Speed Week said that Santander is likely to negotiate a new contract with a cost reduction of one third.