Korea joined the Formula 1 calendar in 2010 but has been beset by financial problems and poorly attended races.
The 2014 event is set to switch to a date early in the season, with the race scheduled to take place on April 27th.
But the FIA has listed the event provisional on the draft 2014 calendar and there are suggestions that, along with New Jersey, the race will not take place next year.
“We want to improve the current contract with Formula One Management in London. We are still negotiating with Mr Ecclestone. We wish to have a satisfactory conclusion with Mr Ecclestone,” race promoter Won-Hwa Park told Sky Sports News.
“I would say 50/50, but we are very much firm in continuously holding this event,” Park said regarding the probability of the event taking place beyond 2013.
Park added that a night race would be considered, if they can work out a better deal with Ecclestone.
“It’s a great idea,” he said. “We’d be glad to consider to hold it as a night race with certainly better conditions from Mr Ecclestone. This circuit is far from downtown so we do not have any noise problem.”