The International Automobile Federation (FIA) said last month that it had asked Bahrain "to communicate by May 1st at the latest" whether it would be in a position to reschedule.
Formula One supremo Bernie Ecclestone said on Thursday, however, that he was prepared to give the country more time.
Bahrain International Circuit chairman Zayed Rashid Alzayani said in the statement "regarding the rescheduling" that the situation was improving in a country that remains under martial law after violent anti-government protests killed at least 29 people.
He thanked Formula One management, the governing FIA and motor racing fans for their understanding.
"The national situation has moved on in a positive manner, the situation is evolving all the time; our day-to-day life is gradually improving under the current State of National Safety," he said. "Bahrain's Grand Prix is a time of celebration and hosting the race is a source of great pride for Bahrain and Bahrainis.”
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