Azure Functions timeout for Consumption plan

Question

Is there a way to change the current 5 minutes timeout limit for Azure Functions running under the Consumption plan ?

For some data analytics computations 5 minutes is not enough time.

The alternative of using webjobs doesn't allow parallel execution of the function.

Solution

(Other answer is a bit confusing, so writing instead of editing a lot)

Azure Functions can now run up to 10 minutes using the consumption plan by adding the functionTimeout setting to your host.json file:

In a serverless Consumption plan, the valid range is from 1 second to 10 minutes, and the default value is 5 minutes.

In the Premium plan, the valid range is from 1 second to 60 minutes, and the default value is 30 minutes.

In a Dedicated (App Service) plan, there is no overall limit, and the default value is 30 minutes. A value of -1 indicates unbounded execution, but keeping a fixed upper bound is recommended

Source: https://docs.microsoft.com/en-us/azure/azure-functions/functions-host-json#functiontimeout

File: host.json

// Value indicating the timeout duration for all functions.
// Set functionTimeout to 10 minutes
{
    "functionTimeout": "00:10:00"
}

Source:
https://buildazure.com/2017/08/17/azure-functions-extend-execution-timeout-past-5-minutes/
https://github.com/Azure/azure-webjobs-sdk-script/wiki/host.json