By GMM

The future of Melbourne's Australian grand prix has been secured for the immediate future, according to widespread media reports in the country on Sunday.

Following earlier speculation that a new international host might replace Albert Park's annual spot on the calendar in 2010, it is now suggested that the Victorian state government has reached a "verbal agreement" with F1 chief executive Bernie Ecclestone.

The new contract will guarantee a race in Melbourne, scene of a grand prix since 1996, until 2015.

Reports said Ecclestone had decided to compromise on demanding an Australian night race, with organisers to run the grand prix annually at 5pm.

An senior government source is quoted as saying an announcement about the news is "imminent".

"They've come to an agreement," the source added.

Acting Victorian premier Rob Hulls said: "No deal has been signed, we're keen to retain the grand prix but not at any price."