Singapore may announce plans to host a Formula One grand prix as early as Friday, possibly ending months of speculation over a deal to bring a race to the city-state.

Singapore, which wants to host a grand prix to boost tourism and jazz up its image, is expected to announce its Formula One plans next week at the latest, The Straits Times reported on Thursday, citing unnamed sources.

"There are just a few loose ends left in the deal to tie up. An announcement could be made as soon as Friday," a source said.

The Singaporean government said last week it would help to cover the costs of holding the event, which may be held at night under floodlights -- a first for the sport.

Formula One supremo Bernie Ecclestone met with Singapore tycoon Ong Beng Seng, who controls resorts developer Hotel Properties Ltd. , two weeks ago to discuss the possibility of holding a street race at night.