A new Formula 1 race deal for historic Monza is finally ready to be signed and announced, according to a report.

Local newspaper Il Cittadino claims that impending news will end a long-running saga regarding the future of the Italian Grand Prix.

"It could be Friday or Saturday," a source said, referring to this weekend's race at the Autodromo Nazionale.

The report said that a new three-year deal has now been agreed, which will be signed "when [Bernie] Ecclestone and [Italian automobile club president] Angelo Sticchi Damiani" get together, the source added.

Pierlorenzo Zanchi, the new president of the race promoter Sias, is also not denying the reports.

"[The announcement] will be done before the day of the race, because it is right to highlight and emphasise such important news," he said.

Zanchi insisted that he is not worried that legal action taken recently by alternative race host Imola will spoil the announcement at the last moment.

"I do not even consider this possibility," he said. "I would like to see a judge take a risk like that, two days before the contract is signed."

The Italian news agency Ansa quoted F1 supremo Ecclestone as saying that he would now be "surprised" if a new deal with Monza is not done.