Formula One chief Bernie Ecclestone has reportedly offered to pay for a London Grand Prix.

According to The Times, billionaire Ecclestone is prepared to promote the event. It is reported that the route would pass some of London's most famous landmarks, including Buckingham Palace and Trafalgar Square.

The newspaper, who put the cost of staging the grand prix at £35million, claims marketing experts predict that the race could generate at least £100million for the London economy from spectators and tourists.

Ecclestone told The Times: "With the way things are, maybe we would front it and put the money up for it. If we got the okay and everything was fine, I think we could do that...It would be fantastic, good for London, good for England - a lot better than the Olympics."

Plans for a London Grand Prix are set to be unveiled at the Royal Automobile Club on Pall Mall.

Ecclestone is scheduled to attend, along with F1 stars Jenson Button and Lewis Hamilton.

A four-minute video will highlight the proposed route.

Button and Hamilton are then scheduled to go head to head around the track in a 3D CGI simulator.