Tremblay held a two-hour discussion with Ecclestone to get a better understanding of the reasons why the event was dropped - with there having been a dispute over whether any race fees were still owed from previous years.
Speaking to local media, Tremblay said: "We have a better understanding of the issues, we still have a lot of work to do to evaluate all the options, but it is still possible to hold a Grand Prix in Montreal in 2009 and subsequent years."
Montreal city representatives are now expected to try and put together a battle plan to get their finances in shape before attempting to secure the race's future.
Federal International Trade Minister Michael Fortier said: "Many people have offered to help but they are all part of the elements we would need to evaluate in the coming days to determine if the Grand Prix will survive and who will be the promoter and organiser."
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