The race, held on a high-speed course around the city of Baku, has been characterised by its action-packed races to become something of a modern classic in F1's current cast of circuits.
Having achieved a sell-out crowd for the first time in its history, the 2023 edition of the Baku race also features F1's first trials of its new sprint weekend format, featuring standalone qualifying for the shortened race on Saturday afternoon.
The circuit's current contract runs out in 2024, but talks with F1 look set to yield an extended stay for the venue overlooking the Caspian Sea.
"I can't really disclose the details of the negotiations - however, it's no secret that we are really looking forward to it being signed. It's going in a positive direction," said Baku City Circuit head of communications Turab Teymurov.
"We would love [to continue] because we understand the benefits coming from hosting the race. For instance, PricewaterhouseCoopers, they prepared a report - and according to that report, the benefits coming to Azerbaijan from hosting the first four races was more than $500 million.
"But it's not just that. There are also social benefits - a volunteering program, youth programs, corporate; social responsibility-wise, it's very, very profitable. It brings a lot of value.
"It doesn't matter for us whether it's three, six, or 10 [years], this year is very important. And if it's long term, we would like to be established, so the longer the better."
Source: Autosport