South African businessmen hope a bid to stage a Formula One Grand Prix in 2007 will gain support from government.
A site for the racetrack has already been identified near Cape Town's international airport, and is expected to cost £34m.
"The plans for the bid are far advanced," said David Grant, chief executive of the Omega Consortium.
"We are waiting for a response from the South African government to commit itself to the project."
The consortium project that a South African Grand Prix would attract 25,000 visitors from overseas and have a £86m annual impact on the national economy.
Formula One has shaken up its annual calendar in the last five years, with new tracks in Malaysia, Bahrain and China.
South Africa has held Grand Prix in the past, with Johannesburg's Kyalami hosting the most recent one in 1993.
The British Grand Prix at Silverstone faces the axe, having been left off the provisional 2005 calendar.
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