Donington hosted its last Formula One race in 1993
Donington Park's owners have submitted plans for the first phase of a major track redevelopment for the British Grand Prix's future venue.
Donington Ventures Ltd have applied to North West Leicestershire District Council for a £100m facelift.
Donington Ventures chief executive Simon Gillett said: "It heralds the start of a massive redevelopment project and a new era for Donington."
Donington will replace Silverstone as the British Grand Prix venue in 2010.
And Gillett has promised to the circuit into a state-of-the-art venue for top-flight racing.
He added: "It's an incredibly exciting time for everybody involved.
"We are delighted with the plans, and when the work is completed we will have a facility that will be the pride of world championship motorsport."
Donington also insists the work would not affect next year's MotoGP race at the circuit.
Meanwhile, it was also announced that Lee Gill had left his position as joint chief executive of Donington Ventures.
Gill and Gillett together negotiated the 10-year deal with F1 supremo Bernie Ecclestone which took the British Grand Prix away from Silverstone.
"We wish to thank Mr Gill for his work at the circuit over the past 18 months in which we secured the prestigious British Grand Prix," added Gillett.
"Mr Gill is pursuing other interests and we wish him every success.
"The move is part of the planned restructuring of the company as it turns its attention fully towards the future, working towards the development of the circuit and the running of the 2010 British Grand Prix."
North West Leicestershire District Council are expected to announce their decision on the plans in early November.
Ecclestone, who has said there would be no British Grand Prix if Donington was not ready in 2010, said at the Belgian Grand Prix that he had no worries.
"We've got a contract with them so I hope they honour it. I'm not even considering there's not going to be a race there," he said.