Apple looks set to secure exclusive streaming rights for Formula 1 races in the US, reportedly offering as much as US$150 million (A$230 million) per year, sources say.

This bid significantly outstrips the current deal held by Disney-owned ESPN, which pays roughly US$90 million (A$140 million) annually. ESPN’s contract expires after the 2025 racing season.

F1’s popularity has surged in the US over recent years, fuelled by Netflix’s documentary series Drive to Survive and more recently Apple’s hit F1 film starring Brad Pitt, which grossed over US$300 million worldwide.

However, US viewership on ESPN has stalled at around 1.1 million live viewers per race.

This would be Apple’s third major US sports streaming deal, following baseball and Major League Soccer.

The move highlights Apple’s growing appetite for live sports content, though it has yet to pursue rights to the dominant US sport, the NFL.

Liberty Media, F1’s parent company, is reportedly seeking deals in the US worth up to US$180 million (A$280 million) per year.