The exclusive tire supplier of Formula One, Pirelli, said it was seeking to extend its contract with FIA, as this season marks the end of a three-year contract.

"We are in the process of negotiations. We have the intention to remain in F1," Paul Hembery, Pirelli's motor sport director, told China Daily on Saturday in Shanghai on the sidelines of the F1 Chinese Grand Prix.

The Italian tire provider faced a hard time at the start of the 2013 F1 season as Red Bull, the defending world champion team, complained after the opening race in Melbourne that the impact of the tires on its cars' performances was too great and limited their speed.