Snetterton race circuit is to undergo a major redevelopment to make it the second longest track in the country.
The circuit will be extended to include a one-mile section, which will be completed before the start of the 2011 season.
The improved circuit called Snetterton 300 is part of £20m worth of investment proposed for the south Norfolk site.
"We're bringing Snetterton very much into the 21st Century," said MotorSport Vision chief executive Jonathan Palmer.
"It's got a lot of history to it, it's got great features of long straights and fast corners, but it is not the most interesting for people who drive cars or ride motorcycles and the viewing is not great.
"It'll turn into a circuit that can stand up proudly against any track in this country and that's very, very exciting," he added.
Subject to "detailed planning" to be approved by Breckland Council, the £3.5m Snetterton 300 marks the first major phase of work for the site between Attleborough and Thetford since the closure of the long circuit in the 1960s.
With the larger Snetterton 300 comes the creation of two new circuits inside it - Snetterton 200 and Snetterton 100 - that can be used for various events.
As the site also has 27 acres of unused land, the owners hope that phase two of the project can be used to expand motor sport-related businesses in the area.
"We work very well with Breckland [Council] who have been very supportive of the circuit and they're very enthusiastic for the contribution it makes to the economy. It's a major tourist destination in the area," said Jonathan.
The county's motor sport enthusiasts are also being given a unique opportunity to make their stamp on the new track by naming the new turns, and helping rename some old ones.
"We've got about seven new corners as part of the circuit. There's a lot of passion about Snetterton in Norfolk, a lot of history of motor sport and a lot of knowledge," said Jonathan.
"If they've got a bit of history they think should be represented or a rider or driver, or any reason that a corner should be named in such a way, they can label it as such, tell us the reason and when we come to the start of next year we can come up with final names," he added.
To name your part of the circuit, visit the