Chief Minister Howard Quayle says a decision on whether the TT will go ahead next June is close, though nothing has been finalised.
Speaking at the latest Covid briefing Mr Quayle responded to a question from Business365 editor, Simon Richardson, about whether a decision had been made to cancel the races, or postpone them until later in the year.
The Chief Minister said he could confirm talks were taking place in the Council of Ministers, though nothing had been decided.
Mr Quayle said there were options, but that the government also had to factor in racing schedules elsewhere and whether teams would be able to come to the Island. There was also the issue of accommodation and availability with the Steam Packet Company.