According to Pitpass sources, despite claims that Brazil's round of the Formula One World Championship was to move to Rio de Janeiro, the race is to remain at Sao Paulo for the foreseeable future, albeit with a new name.

Previously it was claimed that a new track was to be built in Rio in a project driven by premier, Jair Bolsonaro.

Despite the enthusiasm of Chase Carey, who was keen to see another link to Bernie Ecclestone's rein ended, the F1 boss ignoring the fact that the project had no money, no real plan nor even a location, plans for the Rio event fell through.

Last month the governor of Sao Paulo, Joao Doria announced that a new deal had been agreed and that F1 would remain at Interlagos for a further five years.

"The Interlagos race track has been confirmed to host F1 over the next five years," he told reporters at a press conference. "The contract will be signed by Mayor Bruno Covas and Liberty Media, the holder of F1 rights.

"It is a great victory for the city of Sao Paulo," he added, "it is a great victory for the state of Sao Paulo and for Brazil.

"The understandings that we have maintained since last year with Liberty Media were made based on correct instruments, in the existence of a race track that is approved by the drivers, by the teams and that, for more than 30 years, has been the home of the Brazilian Grand Prix," he said, a clear reference to the Rio pipedream. "We did not make speculations, we did not make artificial projections, we did not promise investments that could not be made."

According to Pitpass sources, Formula One Management will confirm the new contract with Sao Paulo tomorrow (Thursday).

We understand the new promoter is a subsidiary of an Abu Dhabi investment fund.

The event will be known as the Sao Paulo Grand Prix.