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:

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2016 Grammys red carpet arrivals

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2016 Grammys red carpet arrivals

Taylor Swift, who's the favorite to win Album of the Year, showed off her slim figured in this two-piece, two-toned look. She put her leg on display Angelina Jolie-style and even debuted a new bob and bangs hairdo.

(Photo by Steve Granitz/WireImage)

Selena Gomez, who was Taylor Swift's date, showed up in a figure-hugging, sparkler of a dress with cutouts on either side. She also debuted a slightly lighter chocolate hair color.

(Photo by Jason Merritt/Getty Images for NARAS)

Lady Gaga paid the ultimate tribute to David Bowie in a Ziggy Stardust ensemble. The blue dress, red heels and bright hair made us miss Bowie even more than we already do. Well done, Gaga. (Photo credit should read VALERIE MACON/AFP/Getty Images)

Country megastar Carrie Underwood went for it with this black satin strapless look. Her sculpted leg was on display and she paired the look with a giant diamond and ruby necklace.

(Photo by Kevin Mazur/WireImage)

Well hello there, Justin Bieber! The "Sorry" singer went for basic black for the red carpet, which really made his hair pop. The only problem? His facial hair needs to go. (Photo by John Shearer/WireImage)

"Big Bang Theory" star Kaley Cuoco rocked a sparkling white pantsuit with a gratuitous midriff cutout. Her beachy hair completed this winner of a look.

(Photo by Jason Merritt/Getty Images for NARAS)

Adele didn't stray from her favorite color and rocked a classic black dress with sparkling details. She made the otherwise sweet look more bold with a choppy haircut. (Photo by Jeff Vespa/WireImage)

LOS ANGELES, CA - FEBRUARY 15: Singer/songwriter BeyoncÃ© attends The 58th GRAMMY Awards at Staples Center on February 15, 2016 in Los Angeles, California. (Photo by Mark Davis/WireImage)

Meghan Trainor sparkled in a black dress with long sleeves, bold shoulders and a cinched waistline. She finished off the the look with her bright new locks and a gold clutch. (Photo by Steve Granitz/WireImage)

Way to keep it low-key, Pharrell. The singer and his wife went for funky but cool looks for the big night and their more casual dresscode. (Photo by Jason Merritt/Getty Images for NARAS)

Now that's a lot of leg! Ciara showed exactly what she's working with in a jaw-dropping gown that had a serious side-slit. The up-to-there slit combined with the very low back and side were wowza! (Photo by Steve Granitz/WireImage)

Wow! Sam Smith looked more slick than ever in a tuxedo that showed off his massive weight loss. We can't get enough of his dapper look. (Photo by Jason Merritt/Getty Images for NARAS)

Little Big Town know a little thing about dressing up for big award shows. The Grammy winners went for neutrals except for Kimberly Shlapman with her color block look. (Photo credit should read VALERIE MACON/AFP/Getty Images)

Wow! Hot mama Chrissy Teigen nailed the red carpet with a white gown with a sparkly cape. She polished off the look with slicked back locks. (Photo credit should read VALERIE MACON/AFP/Getty Images)

Best New Artist nominee Sam Hunt stood out in this muted pink suit.

(Photo by Jason Merritt/Getty Images for NARAS)

Songwriter Diane Warren kept it über casual in black trousers and suit jacket paired with a blouse covered in a fun CD print.

(Photo by Jason Merritt/Getty Images for NARAS)

Tony Bennett was a class act in his simple suit and striped tie. (Photo by Lester Cohen/WireImage)

The jury is out on Wiz Khalifa's too short pants and cropped tuxedo jacket paired with Chucks. What do you think of his look? (Photo by John Shearer/WireImage)

Hot hot hot! Ellie Goulding looked simple and sexy in this pale pink dress with a diamond back.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

Nominee Ashley Monroe rocked a flowy teal gown with draped sides. The giant cutout in the middle of her chest showed off her cleavage.

(Photo by John Shearer/WireImage)

Kacey Musgraves mixed it up with this textured purple, royal blue and turquoise dress. We darker hair and makeup completed the memorable look.

(Photo by Lester Cohen/WireImage)

Lee Ann Womack rocked a cleavage-baring mini-dress with an intricate design lined with metal studs.

(Photo by Steve Granitz/WireImage)

Zendaya hit the show rocking a mullet and a double-breasted black tuxedo. We're not a huge fan of the basic look, but points for originality. (Photo by Lester Cohen/WireImage)

Best New Artist nominee Tori Kelly kicked it old school in this show-stopping green number. Her retro Hollywood hair completed the look on her big night.

(Photo by John Shearer/WireImage)

Josh Groban rocked a dark suit and tie on the carpet, sporting a thick beard as well.

(Photo by Steve Granitz/WireImage)

Red hot! Ariana Grande went for a simple gown with a balconet top and a link train. The simple look was sweet and sophisticated. (Photo by Kevin Mazur/WireImage)

Nominee Charlie Puth looked snazzy in a black sparkly suit. (Photo by Steve Granitz/WireImage)

Janelle Monae looked jailbird chic with a tiny striped hat and skirt and blouse. We can't decide what is wrong with this look -- except for really everything. (Photo by Steve Granitz/WireImage)

Jack Antonoff of fun. and the Bleachers, who's dating Lena Dunham, rocked a two-tone tux and messy hair. The nerdy-chic look works.

(Photo by Lester Cohen/WireImage)

TV personality Giuliana Rancic rocked a loose-hanging gold gown with mirrored grommets covering its surface. She finished the look with gold cuffs and slicked-back hair.

(Photo by John Shearer/WireImage)

Nominee Jazmine Sullivan rocked a fishtail silhouette in this all-black figure-hugging dress. The sparkling sheer sleeves spiced up the otherwise-classic look.

(Photo by Lester Cohen/WireImage)

Denise Donatelli looked beautiful in this long-sleeved gown with faux slits down the side.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

Singing group Us the Duo looked chic together in coordinated -- but not too coordinated -- maroon and black look.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

"Exes and Ohs" singer Elle King rocked a textured black look with feathers, cut-outs and patchwork. Her Amy Winehouse-esque eye makeup and classic hairdo completed the unique get-up.

(Photo by Larry Busacca/Getty Images for NARAS)

Vanessa Lachey's LBD seems okay at first and then you look at where that sheer actually starts and ends and you realize it is thisclose to a wardrobe malfunction. (Photo credit should read VALERIE MACON/AFP/Getty Images)

Breakout artist Leon Bridges mixed up his classic suit with an unexpected bolo tie.

(Photo by Jason Merritt/Getty Images for NARAS)

Mark Ronson, the mastermind behind "Uptown Funk," and Josephine de la Baume kept it cool on the red carpet in black and navy looks. Ronson kept his shades on because duh.

(Photo by Jason Merritt/Getty Images for NARAS)

Brandi Carlile thought she was going to Coachella, rocking peep-toe booties, a black jumpsuit and matching black hat. The pockets added an extra air of comfort to the laid back look.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

Diana Gloster thought the Grammys was a theme party, rocking a black and white gown adorned with music notes.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

TV personality Nancy O'Dell rocked a short black sparkly number with contrasting white nail polish.

(Photo by Lester Cohen/WireImage)

YouTube sensation Tyler Oakley looked dapper in a navy suit and black shirt. He opted to forgo a tie or bowtie.

(Getty)

Comedian Lisa Lampanelli got playful on the red carpet, rocking blue hair, pink lipstick, and a dark grey suit with red suspenders.

(Photo by Steve Granitz/WireImage)

Recording artist Bonnie McKee forgot her shirt in this sparkling, cleavage-baring suit. Topping off the look? Her pink hair.

(Photo by John Shearer/WireImage)

Singer-songwriter Sam Tsui kept is casual in an off-white bomber jacket and black and white printed button down.

(Photo by Steve Granitz/WireImage)

DJ Michelle Pesce rocked this figure-hugging long-sleeved gown that reflected the lights on the carpet.

(Photo by Jeff Vespa/WireImage)

Recording artist Kid Harpoon kept his shades on and sported a navy suit.

(Photo by John Shearer/WireImage)

Producer Jamie xx went super simple in a gray suit and messy hair.

(Photo by Jeff Vespa/WireImage)

MC Lyte rocked the boat in this textured mini-dress with a high neckline and even higher hairdo.

(Photo by Jeff Vespa/WireImage)

Skylar Grey turned heads in this sheer black look with embroidered faces on the front, dark eye makeup and a top bun. We're getting serious gothic bride vibes with this one.

(Photo by John Shearer/WireImage)

What in the world? Musician Gary Clark Jr. and model Nicole Trunfio hit the red carpet and it's safe to say that Nicole stole the show with her wild jumpsuit. The skintight look, with butterfly sleeves, and a plunging neckline was all wrong.. (Photo by Steve Granitz/WireImage)

Singer-songwriter Rhiannon Giddens looked classy in this patterned red and navy halter gown.

(Photo by Steve Granitz/WireImage)

Singer Kendra Foster looked like she was having fun in this over-the-top white jumpsuit with major shoulder layering.

(Photo by Steve Granitz/WireImage)

There are no words to describe Ghost's nightmarish medieval group costume.

(Photo by John Shearer/WireImage)

A capella group Pentatonix embraced their colorful personalities with their all over the place group outfit. There's a lot going on in this coordinated black, white and orange look.

(Photo by Jason Merritt/Getty Images for NARAS)

Dencia showed up looking like a hip-hop baby doll in this bejeweled pink onesie and major heels.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

Recording artist Jacqueline Van Bierk embraced the outrageous that the Grammys red carpet is famous four in this superhero/villain, skin-baring get-up.

(Photo by John Shearer/WireImage)

Recording artist Ashley Park looks gorgeous in this burnt orange dress and accompanying pony.

(Photo by Larry Busacca/Getty Images for NARAS)

It's going to be hard to forget this space disco outfit from Manika. We're getting serious 2009 Lady Gaga vibes from this one.

(Photo by Jeff Vespa/WireImage)

Rapper Big Sean looked handsome in this black and white tux.

(Photo by Jason Merritt/Getty Images for NARAS)

"Empire" star Serayah looked sexy in this purple/gray layered dress with an attached train.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

Nominee The Weeknd looked dapper in this all-black tuxedo.

(Photo by Lester Cohen/WireImage)

Best New Artist nominee James Bay put a hipster spin on this skinny-legged tuxedo that he wore with chelsea boots.

(Photo by Steve Granitz/WireImage)

Model of the moment Bella Hadid looked sleek and sexy in this all black dress. Her slicked back hair and dark makeup completed the look.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

LOS ANGELES, CA - FEBRUARY 15: Recording artist Andra Day attends The 58th GRAMMY Awards at Staples Center on February 15, 2016 in Los Angeles, California. (Photo by Steve Granitz/WireImage)

Furry isn't a good thing! Faith Evans went for a classic black and white gown, but the one side with a full fur stole is a little wild. Pun intended. (Photo by Jason Merritt/Getty Images for NARAS)

"Burning House" singer Cam rocked a yellow gown from Chakra that was totally demure and sweet up top and totally wild on the bottom. The look resembles a lemon cream pie, don't you think? (Photo by Larry Busacca/Getty Images for NARAS)

Listen -- wearing a bunch of metal-like thorns as a dress is just asking for all the wrong attention. Add an outrageous hat, a weird train and a sparkly thong and you have Joy Villa's random outfit. (Photo by Lester Cohen/WireImage)

Dana Sano paired navy, black and sheer and ruffles for a contemporary look. (Photo by John Shearer/WireImage)

Demi Lovato rocked a classic black ensemble with a low-plunging blazer and a skirt with a thigh-hight front slit. It's a simple look but we like that.

(Photo credit should read VALERIE MACON/AFP/Getty Images)

Common added a bit of flair to his suit with a polka dot detailing along the lapels. (Photo by Jason Merritt/Getty Images for NARAS)

Musicians Steve Johnson, Brittany Howard, Zac Cockrell and Heath Fogg of Alabama Shakes went for an eclectic look for the show. (Photo by Lester Cohen/WireImage)

Hollywood Vampires Alice Cooper, Joe Perry, and Johnny Depp hit the red carpet in several varying displays of rocker chic. (Photo credit should read VALERIE MACON/AFP/Getty Images)

Musician Dave Grohl and his wife Jordyn Blum were every inch the rockstar couple in their black and white ensembles. (Photo credit should read VALERIE MACON/AFP/Getty Images)

Aloe Blacc was white hot in a suit and blue shirt. (Photo by Jeff Vespa/WireImage)

Florence + the Machine singer Florence Welch wore a custom creation from Gucci. The pink frock featured etherail stars nad a pink ribbon. (Photo by Jason Merritt/Getty Images for NARAS)

Anna Kendrick was equal parts sweet and sexy in this LBD with a sheer top. (Photo by Jeff Vespa/WireImage)

Lookin' fly! Skrillex and Diplo rocked modern suits to the award show. Points for originality! (Photo by Steve Granitz/WireImage)

Host LL Cool J got jazzed up in a tux and escorted his lady Simone Smith, who dazzled in a purple frock.

(Getty)

NFL player Russell Wilson played it safe in a classic tux. Photo by Steve Granitz/WireImage)

Sexy lady! Alessandra Ambrosio put her best foot forward in this curve-hugging black dress with eye-popping slits and a sexy cutout top. Nicely done, Ale! (Photo credit should read VALERIE MACON/AFP/Getty Images)

Musical artist Barrington Levy went for a bright jacket and black tie. (Photo by John Shearer/WireImage)

Blue babe! Jane Seymour defied her age in a slinky royal blue dress with classy ruching. (Photo by Steve Granitz/WireImage)

Tove Lo, what is with the bull ring and the red eyeshadow? We're a little scared. (Photo by Steve Granitz/WireImage)

Talk about an hourglass figure! Mya rocked a simple dress but the tan panels gave the illusion of an incredible (and totally true!) figure. (Photo by Steve Granitz/WireImage)

Matthew Bellamy of Muse and model Elle Evans went for simple and sleek looks. (Photo by Steve Granitz/WireImage)

LOS ANGELES, CA - FEBRUARY 15: Actress Amber Heard attends The 58th GRAMMY Awards at Staples Center on February 15, 2016 in Los Angeles, California. (Photo by John Shearer/WireImage)

LOS ANGELES, CA - FEBRUARY 15: Singer Mya attends The 58th GRAMMY Awards at Staples Center on February 15, 2016 in Los Angeles, California. (Photo by Steve Granitz/WireImage)

"NCIS" Pauley Perrette wore a black, fringe dress that was just a little bit boring. (Photo by John Shearer/WireImage)

Lori Henriques opted for a simple red dress. (Photo by Jeff Vespa/WireImage)

Travis Barker brought his kids to the Grammys and there is just a cuteness overload. How much do you love Alabama Luella Barker and Landon Asher Barker's ensembles? (Photo by Steve Granitz/WireImage)

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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.