Formula One chief Bernie Ecclestone has indicated the Bahrain GP could be axed if the unrest in the middle-eastern country does not ease.
Mr Ecclestone added that a decision on whether the event goes ahead will be made next week.
A cloud of uncertainty looms over the 2011 season's opening Grand Prix following the political unrest and bloodshed that has hit the island kingdom recently.
Mr Ecclestone will discuss the situation with Crown Prince Salman ibn Hamad ibn Isa Al Khalifa, as well as FIA president Jean Todt over the next few days.
He told Press Association Sport: "It's not good is it?
"We'll have to keep our eye on things and make a decision quickly.
"They're monitoring exactly what is going on. Next week we will make a decision on what we are going to do."
Mr Ecclestone, 80, said if the situation does not get any better by next Wednesday, the race will be called off.
Meanwhile, the third test run of the season is slated to get under way in Barcelona on February 18th.
The next few days will be crucial, particularly if there is further violence as was the case in the early hours of Wednesday morning when riot police stormed a camp of demonstrators in the capital Manama.
According to reports, four people were killed and 300 injured as police used batons, tear gas and rubber bullets to disperse the throng, prior to 50 tanks moving in to patrol the streets.
Copyright © Press Association 2011