Mayor Denis Coderre says a deal will be reached soon with Formula One authorities which would see the race remain in Montreal for another decade.
"Sleep tight, it will be there next year," Coderre said in an interview with Bloomberg News in New York. "We are in the weeks to sign. We just need to make sure that everything [is in place]."
Bernie Ecclestone, the 83-year-old CEO of Formula One, says he's optimistic a new deal will be reached to keep the race in Montreal.
"We're in the process of getting things sorted out and I'm sure we'll do that. We'll be happy to be back there."
Reports are suggesting F1 is asking the provincial and federal governments to spring for as much as $40 million in improvements to the Circuit Gilles-Villeneuve.
The race has been run at the track every year since 1978, with the exception of 1987 and 2009.