The British Grand Prix will be present on the Formula 1 calendar for the next five years after it was confirmed that a deal had been signed to keep it on the schedule.
The future of the event has been in doubt for some time, following the activation of a release clause in 2017 by the British Racing Drivers' Club.
The activation of the clause meant that the circuit's current contract expires at the end of the 2019 event.
However, its future has now been resolved as a deal was reached between Formula 1 and the BRDC to keep Silverstone on the calendar.
"We have always said that, if it is to have a long-term future, our sport must preserve historic venues and Silverstone and Great Britain represent the cradle of this sport, its starting point back in 1950," said Formula 1 Chairman and CEO Chase Carey.
"Today, Formula 1 is a global sport, held on five continents, watched by an audience of over 500 million fans around the world and our aim is to grow this number by bringing the sport we love to new countries, while also maintaining its roots: Silverstone and the British Grand Prix are an integral part of that vision."
The BRDC is also happy with the extension, said Chairman John Grant. "Silverstone is one of the most iconic Grands Prix on the F1 calendar an with such a rich heritage it would have been disastrous for the sport and the fans had we not managed to find a way forward."
"2020 will be the 70th anniversary of the first round of the World Championship which took place at Silverstone on 13th May 1950 and will make next year's event all the more special. This is great news for the BRDC, Silverstone and Formula 1 - and for millions of British motor racing fans."
Silverstone has held the British Grand Prix every year since 1987, as before, it traded races on a yearly basis with Brands Hatch for almost 25 years.
The British Grand Prix has been present on the F1 calendar since the start of the world championship 1950, with Aintree also holding the event on five occasions.