The Algarve International Circuit, also known as Portimao, is seeking a return to the F1 calendar in the near future.
The track officially opened its doors in the late 2000s and has hosted various different championships, including MotoGP, during its short history.
It welcomed F1 during the Covid-stricken 2020 and 2021 seasons, with Lewis Hamilton winning both grands prix for Mercedes.
Having been absent from the calendar ever since, Portugal's prime minister Luis Montenegro is keen to see a deal struck between the circuit and F1 to bring the track back to the schedule in the near future.
"One of the circumstances that most contributes to the promotion of this region is the major events,” he said.
“We secured the MotoGP, the flagship event of world motorcycling, for 2025 and 2026.
“And I can tell you that we have everything ready to formalise the return of Formula 1 to the Algarve next year, in 2027.
“These events require some financial effort on the part of the government, but they provide a return, both direct and indirect, through promotion, that is truly worthwhile.”
However, Portugal is facing stiff competition from various other locations that are actively trying to secure a return to F1 amid its popularity boom.
Thailand, South Africa, Rwanda, Argentina and Turkey are just some of the countries that have voiced interest in establishing a permanent grand prix.
F1 has already put a plan in place to create a rotating year-to-year calendar with some races returning every second season.
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