Silverstone is due to host the British GP next July
The FIA, motorsport's governing body, has confirmed that it will discuss the 2002 GP at its world council meeting on 14 December.
Spokesman Francesco Longanesi said the FIA would neither confirm nor deny reports that the event was to be dropped from next year's Formula One calendar.
The British GP was pencilled in for 7 July when the 2002 schedule was released in October.
But the final go-ahead depends on the outcome of an inquiry being held into the traffic problems of last year's race.
Stewart, president of the British Racing Drivers Club, which owns Silverstone, accused FIA president Max Mosley of wanting to "slap the wrists" of race organisers Octagon.
"Cancelling this grand prix, if it were to happen, and I really don't think it will happen... would obviously dissolve any of the negotiations we're having with the government and would seriously affect motorsport in this country."
He told BBC Radio Five Live that F1 has committed £42.4m to improvements at Silverstone, while a further £4.6m was already being spent on upgrading roads around the circuit.
Stewart added: "Britain is the capital of motorsport. For Britain not to have a grand prix would be ridiculous."
Octagon Motorsports has dismissed reports that the race would be axed.
"The story has no source and is pure speculation," a spokeswoman told BBC Sport Online.
She added that tickets for the event were still being sold.
"The world council meets on 14 December when a decision will be made," she said.
Summoned
"It's a democratic process and it would be incorrect to interfere with that," she said
She added that Octagon was confident that the inquiry into the circuit's problems would appreciate the improvements that have been made to the venue.
The grand prix was moved to a date in May for the 2000 race.
But bad weather and traffic congestion prompted a decision to return it to its traditional summer spot for 2001.
However that has thrown up another potential problem for 2002 as the projected date of 7 July clashes with the men's singles final at Wimbledon.
Race organisers were also summoned to appear before the FIA over flagging errors and the heavy congestion around the Northamptonshire circuit.
They also came in for media criticism when announcing steep price rises for next year's grand prix.
These have been borne partly out of Silverstone's decision to cut the number of spectators at the race from 90,000 to 60,000.
It is hoped this move will ease traffic problems, as will a new bypass - although this will not be open in time for the 2002 GP.
The long-term nature of curing Silverstone's problems has even prompted speculation that the British race could be moved to another European circuit.
The Paul Ricard track in France and Germany's Nurburgring are seen as possible hosts while work at Silverstone is completed.