Now, sports minister Azad Rahimov is planning to stage talks with Liberty Media after the 2018 race in April.
"Within three months after the grand prix, we must give an answer to the leadership of formula one about whether we will extend the contract for another five years until 2025," he told Tass news agency.
"Everyone understands that the contract we have now is unacceptable. I think the new leadership of formula one understands that as well," Rahimov added.
"We are talking about a number of commercial conditions, sponsorship rights and the price that we pay," he continued.
"But I think both ourselves and the leadership of formula one have the desire to leave the race here."