Silverstone Circuit and Formula 1 have agreed a deal for the British track to host two Grands Prix this summer, but questions regarding quarantine procedures in the UK still threaten the event.
Silverstone and Liberty Media had been locked in a financial standoff regarding the fee demanded by the track to stage its rounds of the F1 world championship.
But the BRDC, the promoter of the British Grand Prix, and F1's commercial rights holder have ironed out their differences.
However, the event remains in jeopardy because of the UK's plans to impose a two-week quarantine on all travelers entering Britain.
"I am delighted to confirm that Silverstone and Formula 1 have reached an agreement in principle to host two races behind closed doors this summer, Silverstone boss Stuart pringle told BBC Sport.
"However, these races will be subject to government approval, as our priority is the safety of all involved and strict compliance with Covid-19 regulations.
"I would like to thank all our fans who have been so supportive throughout this and to assure them we are determined to do all we can to help Formula 1 put on a show this summer."
Reports indicate that Formula 1 is trying to secure a waiver from the UK that would allow its staff and team personnel travelling from abroad to be exempted from the quarantine or undergo a shorter period of isolation.
Silverstone consecutive race weekends are likely to take place on July 26 and August 2, while the opening rounds held in Austria have been penciled in for July 5 and 12.
The free weekend inserted in between the second Austrian race and the first British round could serve as the buffer period during which a limited quarantine could perhaps take place for the F1 community.
Formula 1 has yet to comment on its British GP deal and on the possible logistical solutions that could be agreed with the UK government regarding its quarantine measures.