The Spanish government is in talks with Panama and Sacyr, the Spanish building firm at the heart of a row over a contract to expand the Panama Canal.
Spain's foreign ministry said that it was in the country's interest to "find a solution as soon as possible".
Work began on the expansion of the shipping hub in 2009, but the project has gone over-budget by $1.6bn (£1bn).
The building consortium working on the project has threatened to halt work unless the extra money is paid.
A spokesperson for Spain's foreign ministry said: "Panama is a country that is close and friendly towards Spain, and we share the desire and interest to find a solution as soon as possible".
Spain's ambassador to Panama, Jose Silva, added that everyone would lose out if the contract fell through.
During a radio interview, Mr Silva also said that Ana Pastor, Spain's public works minister, and Sacyr chairman Manuel Manrique, might both travel to Panama for discussions in the coming days.
The Panama Canal handles 5% of the world's maritime trade.
On Thursday, Panama's President Richard Martinelli threatened to demand that the building consortium fulfil its contract to expand the canal.
The president said: "I will go to Spain and Italy to demand these governments take moral responsibility."
On 30 December, Sacyr, leading the consortium known as the Grupo Unidos por el Canal (GUPC), gave a 21-day deadline to the Panama Canal authorities, saying it would suspend the project if the demands were not met.
Construction is due to be completed in June 2015, nine months behind schedule. The overall cost of the project now expected to be $5.2bn.
Building work is now focused on the creation of a third set of locks to accommodate ships that can carry 12,000 containers. The largest ships currently able to navigate the Panama Canal carry 5,000.
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