The modern circuit opened in the late 2000s and has staged many top-level motorsport events, including MotoGP. Formula 1 last raced there in 2020 and 2021 during the covid pandemic, with Lewis Hamilton winning both Grands Prix.

Prime Minister Luís Montenegro says talks are progressing well and that the country is close to confirming the race. He explained that MotoGP is already secured for 2025 and 2026, and now attention is on adding Formula 1 to the schedule the following year. In his view, major events like these are among the best ways to showcase the Algarve to the world.

Montenegro accepts that hosting a Grand Prix will cost the government a large sum, but believes the investment is worth it. “These events require some financial effort on the part of the government,” he said, “but they provide a return, both direct and indirect, through promotion, that is truly worthwhile.”

Howeger, Portugal will definitely face strong competition from other countries eager to join or rejoin the F1 calendar, including Thailand, South Africa, Rwanda, Argentina and Turkey. Formula 1 is also considering a rotating schedule for multiple tracks, including already confirmed Spa-Francorchamps, which would see some races return only every other year.