Mr Elson - along with co-pilot Colin Prescot - wants to pilot the new machine on the first balloon flight to circle the globe.

He insisted the technical and diplomatic problems that have marred previous attempts have been solved.

And the team dismissed suggestions that rivals such as Richard Branson could beat him to the title.

Engineer Mr Elson, 45, of Wells, Somerset, set the world balloon endurance record in February this year on board the Brietling Orbiter 2 balloon, before being forced to abandon the round-world attempt when China refused permission for the balloon to pass through its airspace.

A former attempt failed to get access to Chinese airspace

But speaking at a launch event in London on Thursday, Mr Elson said Beijing was back on side.

Sponsored by Cable and Wireless, the team will set out from southern Spain at the end of November.

"China have been very good. They have said verbally they will give us permission. We are waiting for written confirmation which should arrive over the next 10 days," he said.

"As long as there are no sudden wars we think we are there."

Both Mr Elson and father-of-three Mr Prescot, 48, of Stockbridge, Hampshire, were optimistic about their chances of success, despite a string of high profile failures to achieve the world first.

They have been undergoing sea survival training as well as work in specially pressurised capsules to acclimatise themselves to the gondola which should carry them around the globe in 12 to 21 days.

Travel at 50,000ft

Mr Elson has designed the pressurised Gondola, which was built by Bristol's Cameron balloons.

They hope winds at altitudes of up to 50,000ft will carry them around the world at between 80 and 100mph.

Their proposed route will take them over Algeria, Libya, Egypt, Northern India and possibly into China.

The balloon will then leave Asia before tracking north west across the Pacific.

They hope to cross America in three to four days before tackling the Atlantic and touching down in the Mediterranean.