A grand prix in Thailand is on the cards from 2014 as an agreement is understood to have been reached in principle for a race to be run around the streets of Bangkok.
The news has been confirmed by Kanokphand Chulakasem, governor of the Sports Authority of Thailand.
Chulakasem, along with an advisor to billionaire Red Bull owner Chalerm Yoovidhya, met Formula One supremo Bernie Ecclestone over the weekend at the Singapore Grand Prix.
Speaking to the Bangkok Post, Chulakasem said: "It will be a city race like that in Singapore and Monaco, and it will be a night race like the Singapore Grand Prix."
However, a sanctioning fee and contract have still to be agreed.
Tourism and Sports Minister Chumpol Silpa-archa claims the government would likely pay 60 per cent of the annual fee, with the remainder to come from private companies such as Red Bull and Singha.