Grammy Awards expected to return to New York City in 2018 for first time in fifteen years

The Grammy Awards are eyeing a return to New York City in 2018, according to a report from the New York Times on Tuesday morning. This would be the first time the Big Apple hosted the awards show since 2003.

The decision to hold the 60th annual awards on the East Coast at Madison Square Garden follows months of talks between New York mayor Bill de Blasio's administration and the Recording Academy, the nonprofit that organizes the Grammys, according to the NYT.

According to the report, the financial burden of holding the awards in New York was the main factor holding back the move from taking place sooner — producing the awards in New York means spending "several million dollars" more than hosting in Los Angeles. Additionally, the Staples Center in L.A. is specifically equipped to house the show.

See photos from last year's Grammys:

James Corden is set to host the 2017 Grammys, which will be broadcast live from Staples Center in Los Angeles on Sunday, Feb. 12, at 8 p.m. ET, 5 p.m. PT. The telecast is being produced by AEG Ehrlich Ventures for the Recording Academy, with Ehrlich serving as executive producer, Louis J. Horvitz as director, and Ben Winston as a producer. David Wild is serving as a writer with Ehrlich.

Variety has reached out to the Recording Academy for comment.