Aussie six-time world champion Stephanie Gilmore and reigning men's world champ John John Florence have voiced their support for the event, which is scheduled to begin today in Margaret River in WA's south west.
World Surf League commissioner Kieren Perrow said discussions were underway with local government, communities and Surfing WA, but a schedule for the 2018 season is yet to be finalised.
The Margaret River Pro is one of the few events on the international tour to offer three breaks to cater for varying conditions, a factor Gilmore considers to weigh heavily in its favour.
Florence, who won the event in 2015, said he was supportive of the tour returning in 2018.
"It's definitely one of the events with the most variety of waves that allows us to surf in all conditions," he said.
"It's one of my favourite places to come to on the whole tour."
Locals say it provides a welcome boost to the local economy, which is largely seasonal and tourism-dependent, as well as the town's international profile.
Local business owner Helen Thompson said business owners in the town are worried about the uncertainty surrounding the event.
"Everybody's quite concerned that we'll lose it because although we've got a love-hate relationship with it, it does bring a lot of money to town and it's a really exciting event," Ms Thompson said.
"It's all systems go and you've got to be on hand 24 hours a day because you never know who will rock up wanting a board fixed for the next day," Mr Dutton said.
"One day it'll be Kelly Slater and the next it's John John Florence. It's good to see them because you see them on television and they seem like pretty nice guys and when they come in here you find out they actually are."