Formula One has opened negotiations with broadcaster ESPN over its next U.S. media rights deal with one year left on the existing contract, the Financial Times said on Thursday.

Formula One and ESPN are locked in talks during an exclusivity period that expires before the end of the year, the FT report said, citing two people with direct knowledge of the matter.

Even if an agreement is not reached by the end of this year, Liberty Media owned F1 and Disney's ESPN could still strike a deal next year, the report said, adding that this would, however, expose the broadcaster to competition for the screening rights.

F1 and ESPN did not immediately respond to Reuters request for comments.

Awareness of the sport in the United States plummeted after the U.S. Grand Prix fell off the F1 calendar in 2008 but rebounded strongly when it found a home in Austin in 2012. U.S. interest in particular has been supercharged in recent years by Netflix's hit show "Drive to Survive".

The Las Vegas Grand Prix is set to take place

this weekend

, with more than 10,000 general admission tickets being added this time. Last year's race was the single largest sporting event in the city's history, producing an economic impact of nearly $1.5 billion, according to organisers.