The Sochi race's current contract runs until 2020, but there has been constant speculation about the future of the deal, fueled by political instability as well as financial concerns.
Russian sources on Saturday report that Alexander Saurin, vice governor of the Krasnodar region, and Sochi race promoter Sergei Vorobyov, are at Spa-Francorchamps on Saturday for talks with Bernie Ecclestone.
"We discussed a contract extension," said Saurin, "but it is at the level of discussions.
"The difficult economic situation? Of course we consider it, and I must say that we are being heard. I want to say thank you to Bernie, as he always hears Russia," he added.
07/17/15 (GMM) This year's Russian grand prix is in danger of last-minute collapse, Russian media and Germany's Frankfurter Allgemeine Zeitung newspaper report.
Sochi is scheduled to host its second consecutive race in October, but organizers are reportedly desperately hoping for a 64 million euro bailout by the government in Moscow amid a deep economic crisis.
"If there is no credit, there will be no formula one," said Veniamin Kondratiev, the interim governor of the Krasnodar region.
The reports said 20,000 tickets for the 2015 Russian grand prix have been sold to date.
But Kondratiev explained that, amid the crisis, funding for schools and funding are being prioritized.
"We will not use our regional funds for formula one," he insisted.