The 2010 Turkish Grand Prix could be the final one in Istanbul after Bernie Ecclestone doubled the price of the contract to keep the race after next year, according to local media.
The Turkish media reports that Ecclestone would get $26 million from the Turkish as of 2011, nearly twice as much as with the current deal.
Ecclestone's new deal looks set to put an end to the Istanbul race, which was already struggling to attract fans.
Official figures for this year's event said just 36,000 three-day tickets were sold for the circuit with a capacity for 130,000 fans.
The Hurriyet Daily News reports that Ecclestone wrote to Faruk Nafiz Ozak, the Turkish state minister responsible for sporting events, to lay out the conditions of the new contract, including the increased fee.
Turkish officials said the fee requested was not fitting for a country like Turkey.
"In countries such as France and Germany, the Formula One CEO is requesting something between $1.5 million and $4 million," an official told the newspaper.
The report said officials will decide on the deal by the end of the month.