Rome: The Italian Grand Prix is set to continue at Monza circuit for another five years.

The current deal expires at the end of the season but on Tuesday the Italian Automobile Club said it reached an agreement in principle with Formula One owner Liberty Media on “the economic details of the contract” to keep the race at the historic circuit until 2024.

The president of the AIC, Angelo Sticchi Damiani, also posted on Twitter, adding: “we will continue negotiations with @F1 to quickly reach the signing of the contract.”

Monza, which first hosted an Italian GP in 1922, is one of the most beloved tracks on the circuit.

No circuit has hosted more F1 racing. It was on the inaugural 1950 calendar and dropped off only in 1980 when Imola hosted the Italian GP.

The next Italian GP is on September 8.

While the news is a boost for Italian race fans, the country’s marquee, Ferrari, have been urged to get their act together, and fast, to prevent the F1 championship becoming a private Mercedes battle.

The sport’s oldest, most successful and glamorous team flattered to deceive again in Sunday’s Azerbaijan Grand Prix, while Mercedes celebrated their fourth successive one-two finish.

No season has ever started with such a run.

“We thought it would be a lot closer… but we are delivering on a very, very high percentage,” said five-time world champion Lewis Hamilton, who finished second to Finnish teammate Valtteri Bottas.

“Both Valtteri and I are both delivering on the laps and the team are pumping on all cylinders and they [Ferrari] are not.

“When, if, they start pumping on all cylinders and start delivering, then we’ll have much more of a fight.”

Ferrari are 74 points adrift of Mercedes in the constructors’ standings while Sebastian Vettel, third in the championship, is 35 behind Bottas.