The future of the Italian Grand Prix at the historic Monza circuit has been secured for the next three seasons.

Monza has signed a new contract until 2019 with Formula 1’s commercial arm worth a total of 68m Euros (£60.5m).

F1 will receive €22m in 2017 and 2018 and €24m in 2019, according to a source close to the deal.

The move ends a period of uncertainty over the future of Monza, which is the oldest race on the calendar. It first held the Italian GP in 1921.

The F1 group will also receive an additional figure – said by sources to be in the region of €3-4m – to exploit a space outside the back of the paddock formerly occupied by a museum and the rights to some of the merchandise shops at the track.

There are expected to be 20 races next season, one less than in 2016 because Germany has failed to agree a commercial deal for the race to be held at Hockenheim instead of the financially-troubled Nurburgring, whose turn it is.

There have also been question marks over the Brazilian and Canadian Grands Prix.

The cancellation of Germany is likely to lead to Hungary being moved back a week, creating a three-week gap between the British Grand Prix on 9 July and the Hungaroring on 30 July.

Sources say there may be some shuffling of the end-of-season races since the publication of the provisional calendar in September, with the races in Singapore, Malaysia, Japan, USA and Mexico reverting to this year’s positions.