Formula One supremo Bernie Ecclestone has given Silverstone until December to sign a contract for next year's British Grand Prix before the race is pulled from the calendar.

The governing FIA's world motor sports council will next meet on December 11 to publish the final schedule of the 2010 season.

"The world council will meet and we will just pull it off (the calendar)," Ecclestone told The Times.

"We'll have no other choice if we don't have a contract.

"We shouldn't have anything on the calendar unless we have a contract in place."

Ecclestone revealed that if a deal is not reached the race will be removed from the schedule primarily for just one year and not replaced, reducing the calendar to 18 rounds.

"They (Silverstone) are close and they know they are close," he added.

"It's not the terms and conditions so much as whether the investors are prepared to bankroll them and take the risk."

The 2010 British race was originally scheduled for Donington Park, but the circuit's operators are now in administration after failing to secure the funds required to revamp the facilities.

The absence of the race would mean added disappointment next year with two British world champions, Jenson Button and Lewis Hamilton, set to race side by side at McLaren.

"Of course we want a British Grand Prix," said Ecclestone.

"I've been spending an awful lot of time trying to make sure it does happen.

"But there is no chance of an exceptional contract for Silverstone. Why should there be?"

BRDC president Damon Hill admitted the club was hesitant about signing any contract that put it at risk.

"Bernie doesn't care whether you lose your shirt or not," he said.

"He wants to deal with someone who can take a chance.

"We saw what happened with Donington and so there is a point at which it becomes a fine line between signing a contract or not."