Red Bull Racing F1 Show Car against the New York City skyline Brian Nevins/Red Bull Media House

With five crucial races remaining on the Formula One calendar -- and the championship still very much up in the air -- the series is said to be negotiating with NBC for the United States television rights for 2013.

The Associated Press confirmed Friday that Formula One chose not to renew its contract with SPEED, the channel owned by FOX, after 17 years.

"It's disappointing to learn that F1 has elected to move forward with a different media partner," said a spokesman for FOX Sports Media Group. "SPEED had been the U.S. voice of F1 since the mid '90s, and it was a passion for many people at the network. FOX Sports Media Group made what we believed to be a fiscally responsible bid based on the sport's current viewership levels, but F1 has elected to go in another direction. We wish them well."

According to two sources who spoke with the AP, Formula One is in discussions with NBC, though the details of the talks were unknown. It isn't certain whether future races would be shown on NBC or one of its other channels, like NBC Sports.

Steve Matchett, one of the three Speed commentators, thanked fans on Twitter. "Thank you for all of your kind comments: SPEED have built an incredibly talented F1 team; the remaining races of 2012 will be significant."

Stay tuned for more news...

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