Chase Carey appears to be putting the idea of a Miami GP on the back burner.
F1 owner Liberty Media, which is headed by CEO Carey, has been championing the idea of a second US grand prix at Miami's Hard Rock stadium.
But local opposition groups are fighting hard against the idea, with the latest news being the launching of legal action.
Carey admitted to the German-language motorsport-total.com that he is "frustrated" by the situation.
"We knew that it would take time in the US," he said. "On the other hand, it has to be said that it will take longer than expected.
"It's frustrating because we have invested a lot of time, but I think we have to get to terms with the reality that it is a timeframe of more than five years.
"The goal now is a race in the next five to ten years from today," Carey added.
He might now turn his attention to the former US GP venue at the Indianapolis Motor Speedway. Recent reports suggested new owner Roger Penske may be interested in F1.
"I know the Penskes and had contact with them before they bought Indianapolis," said Carey. "But I don't want to comment on our conversations.
"We know about their interest. We are talking about an iconic circuit that is part of the 'triple crown with Monaco and Le Mans. That says everything about the importance of this circuit in motorsport."