Silverstone bosses are already in talks with Formula One chief Bernie Ecclestone to net a new deal for the British Grand Prix.
Ecclestone has previously criticised Silverstone heavily
The current contract expires in 2009 but talks have started early to avoid a dispute like the one which almost saw last year's race axed.
Silverstone managing director Richard Phillips said: "We are already talking to Bernie about beyond 2009.
"There is an element of trust - so we are hoping we can really move along."
Ecclestone is likely to require Silverstone to modernise its paddock facilities, as well as overhaul the spectator areas if a new deal is to be signed for 2010 onwards.
But McLaren boss Ron Dennis, a member of the British Racing Drivers' Club which owns the track, warned that Silverstone requires "hundreds of millions of pounds" of investment to become a world-class venue.
I want to put in state-of-the-art grandstands
He said: "Obviously, there is a strong desire to improve Silverstone and make it not just a better circuit, but the best in the world.
"To do that, a fine tuning is not what's needed. Spending £10m, £20m, £30m is not going to do it.
"It needs massive investment to make it world class."
Phillips is already putting his mind to a major overhaul of the Northamptonshire track, the venue for the first-ever world championship grand prix in 1950.
He said: "We should try to move the whole site on to a high-tech, sexy level where people enjoy it for the whole three days and it's a festival of motorsport. I don't think we should pass over the people.
"I want to put that bit right and put in state-of-the-art grandstands and the sort of public facilities you would expect, not just at the top of the circuit but all around the circuit."