Ecclestone is buying himself and the sport a few days’ grace to see if the political unrest and bloodshed which has marred the last few days in the island kingdom escalates further or eases.

Ecclestone 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.”

Ecclestone has further confirmed that if the situation shows no signs of quietening down by next Wednesday then the race will be cancelled.

The 80-year-old is currently in contact with Crown Prince Salman ibn Hamad ibn Isa Al Khalifa, as well as FIA president Jean Todt, with the trio being the key players behind any potential decision.

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.

Given the political unrest, a decision was quickly taken to cancel this weekend’s GP2 Asia Series races at the Bahrain International Circuit.

Whether the track holds the grand prix, scheduled for March 11-13, and prior to that the final test from March 3-6, remains to be seen.

It is understood the teams are due to discuss the situation today at the Circuit de Catalunya, with the possibility a move could be made for at least the test to be switched to another venue.

There is speculation the Yas Marina circuit in Abu Dhabi could come to F1’s aid and at least stage the test session if required, although a track spokesperson has insisted they do not respond to rumours.

Expressing his concerns, Virgin Racing team principal John Booth described the events in Bahrain as “very disturbing”.

Booth added: “But if the local government, along with FOM (Formula One Management) and the FIA say it is safe to go, then we go.

“We will trust their judgement. They will have people on the ground assessing the situation all the time, and I’m sure they are well informed of the risks.

“The only complication is the test, with most of us out there for 16 days, so a decision (on that) will need taking by the 25th when the freight goes out, and a week after for the race.”