The Automobile Club de Monaco has confirmed it is in "negotiations" with Bernie Ecclestone.

The Automobile Club de Monaco has confirmed it is in "negotiations" with Bernie Ecclestone.

The F1 chief executive said recently that formula one could "do without Monaco", moving former driver Patrick Tambay to surmise that it is a strategy to have the famous race's fees "revised upwards".

The Club reacted on Thursday by saying it is reluctant to comment on the reports because it is unaware of their "context".

"The reality is simple," a statement issued only in French added. "Negotiations are underway between l'Automobile Club de Monaco and Formula One Management."

The Club added that it will make an announcement if an agreement is reached.

It is believed Monaco pays little or no fees for the rights to host its annual race in the Principality.

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Monaco confirms 'negotiations' with Ecclestone