In the past, F1 has been criticised for striking one side deals heavily in their favour with local race promoters not getting enough out of the millions of dollars they cough up as hosting fees.
Speaking at the event, he said: "We haven't concluded a deal yet, but we're having positive discussions and it is certainly our goal to try and reach a deal that works for both of us".
"We are looking forward to offering our continued support to make the next four years even more spectacular and exciting".
Singapore Grand Prix gets new four-year F1 deal
This comes as ticket sales so far for this year's Singapore Grand Prix are up 19 per cent, with weekend sales still to be included.
The Brazilian really likes the night-time, city setting of the Marina Bay Street Circuit, and is well prepared for the tough conditions that await, with the high temperatures making the race one of the hardest going on the Formula 1 calendar, according to the 36-year-old.
Carey called the race "most thrilling" as debuted in 2008, Singapore GP is the first ever night Grand Prix and one of the most attractive races. Mr Lionel Yeo, Chief Executive, Singapore Tourism Board said, "The race in Singapore has provided an excellent platform for businesses to test bed new lifestyle initiatives and products".
With this year's race taking place on Sunday, the event could have received no better boost than confirmation it will continue until at least 2021.