A deal for next year's British Grand Prix to remain at Silverstone is imminent, according to Silverstone Holdings managing director Richard Phillips.

The future of the British GP has been the subject of a long-running saga, with Donington Park having been lined up before being plagued by financial problems, but Silverstone - which has hosted every British Grand Prix since 1987 - appears set to retain the race next season, with F1 supremo Bernie Ecclestone having imposed a December 9 deadline for the future of the race to be decided.

Phillips told BBC Radio Northampton: "I don't think there are any real stumbling blocks, we're going through the last details of the deal. I'm pretty convinced that it will be run at Silverstone next year."

The Northamptonshire circuit has been warned it must modernise facilities to keep the race long-term and Phillips is confident of a resolution.

He added: "We've been planning for more than a year, we'll finish the track works in March and start on the new pits ready for 2011."

It is also hoped a long-term deal will be agreed.

"We always had the faith that the Grand Prix would return," said Phillips.

"We certainly would like the contract to be for more than 10 years - that's the minimum."