With no French drivers in Formula One, crowds have also dwindled in recent years and organisers have struggled financially.
The race was nearly scrapped in 2004, securing its place only after a late scramble for funding, and the French Federation (FFSA) said in March that it had decided not to put Magny-Cours forward again for the 2008 season.
While it left the door open for a possible reprieve depending on the success of Sunday's race, Bernie Ecclestone, Formula One chief, has left no doubt that the time has come to say 'au revoir' to Magny-Cours.
"There is no future for Magny-Cours, 2007 will be the last race at this circuit," Ecclestone told the Nice-Matin newspaper recently.
Ecclestone dreams of a race in Paris, with Disneyland Paris touted as one possible venue and a location near Charles de Gaulle airport another possibility, but neither are likely in the near-term.
Push for Paris
The birthplace of the sport, with the first recognised grand prix held near Le Mans in 1906, is likely to have no race next year for the first time since 1955 but teams are hopeful France will be back on the calendar before long.
"For Renault, it is important to have a race in France," Flavio Briatore, Renault team boss, said.
"Really, we don't care about the logistics, if it is in Magny-Cours or Paris... maybe not Magny-Cours, but I hope we hold a grand prix in France and maybe in a better location."
Ferrari boss Jean Todt, a Frenchman, agreed.
"Personally, I love the French Grand Prix... it is important as well for the Formula One calendar.
"If you are asking me, a dream grand prix would be in Paris," he added.
"But unfortunately I don't think it is practical.
"You have so many things, about the environment, all the historic places, however, where you cannot make noise and where there is not the proper asphalt and all that, so that is why definitely it has to be a racing circuit."