Qatar is due to host the penultimate round of the championship on November 29th, with Abu Dhabi following on December 6th.
The current plan is for both to proceed, but informed sources indicated Imola's Autodromo Enzo e Dino Ferrari, in the birthplace of Formula 1 chief executive Stefano Domenicali, had become a frontrunner to step in should circumstances rule out the Middle East.
Italy's Gazzetta dello Sport newspaper reported that Imola, dropped from the calendar this season, could return as the finale after the November Las Vegas Grand Prix.
Sources at the Hungarian Grand Prix confirmed to Reuters that it was on the cards.
If confirmed, Imola would be the first season-ending race in Europe since Spain's Jerez circuit hosted the finale in 1997.
With Ferrari in the hunt for a first Formula 1 title of any sort since 2008, an Italian finale would also be likely to be well attended.
Portugal's Portimao circuit had previously been considered a likely alternative, along with the Istanbul circuit, but construction work in the winter months ahead of their returns to the calendar in 2027 could make that difficult.
Malaysia is set to slot in on October 4th, between Azerbaijan on September 26th and Singapore on October 11th, as a replacement for the Bahrain Grand Prix, which was called off in April along with Saudi Arabia's race in Jeddah.
"For F1, we will announce something on Sunday," Malaysian Prime Minister Anwar Ibrahim told local reporters on Saturday.
While hosted by the Sepang circuit, for the first time since 2017, the race looks likely to be billed as a Bahrain Grand Prix hosted by Malaysia, which would also overcome any local concerns about hosting fees with the Gulf kingdom reportedly prepared to foot the bill.
Bahrain's sovereign wealth fund Mumtalakat owns Formula 1 champions McLaren.