Barry Hearn has given Sheffield City Council until December to secure the World Snooker Championship's future at the Crucible beyond 2027.
The iconic venue has hosted snooker's premier tournament since 1977, but its contract expires in two years.
Hearn, the Matchroom Sport president, held positive talks with council officials on Thursday.
"We agreed to meet in another three months with a view to knowing exactly where we are by the end of this year, so the pressure is on," Hearn told the BBC.
Barry Hearn has admitted 'positive' talks with Sheffield City Council over the Crucible
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The 76-year-old expressed renewed optimism following the meeting with council representatives.
"I am a little bit more hopeful after meeting Sheffield Council - the positivity and the enthusiasm I saw makes me think there is more than enough chance we can stay here," he said.
Hearn stressed his preference is to remain at the Crucible rather than relocating overseas.
"We love Sheffield. We love the Crucible. But in any relationship if the other side doesn't love you back, it's destined for failure," he added.
The Crucible's 980-seat capacity has long been identified as a limiting factor for the tournament's financial growth.
Hearn highlighted the need to increase revenue to boost prize money for players.
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"As much as it sounds pretty barbaric, it all comes down to pound notes," he explained.
This year's world champion will receive £500,000, matching the prize at the Saudi Arabia Masters.
China and Saudi Arabia have reportedly shown interest in hosting the prestigious event.
Hearn noted that next year's PDC world darts champion will collect £1m, setting a benchmark for snooker to aspire to.
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Barry Hearn has an emotional connection to the Crucible
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Hearn's connection to the venue runs deep, dating back decades.
"My life changed at the Crucible in 1981 when Steve Davis won the World Championship. I've been here every year for the past 48 years," he revealed.
"Our heart is here, our life is here, the history is here."
He believes government support will be crucial to keeping the tournament in Sheffield.
"We've just got to find that additional bit of assistance, which hopefully is going to be government-led, in terms of keeping our events in this country."
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The World Championship will remain at the Crucible until 2027 after a contract was signed in 1977 but its future afterwards remains unclear
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Hearn emphasised that compromise is needed from both sides to secure the tournament's future in Sheffield.
"I think compromise is in the air on both sides and we can do something that maintains the event here," he said.
The council has been encouraged to either expand the venue or pay a site fee to World Snooker.
Hearn aims to eventually double the winner's prize money to £1 million.
"There's a value to Sheffield City Council for having it in Sheffield. So, show me the money, show me the way forward," he stated.
