The new 'Arena' track is aimed at improving the racing at Silverstone
This year's British Grand Prix is to be held on Silverstone's new "Arena" circuit layout, which is aimed at improving overtaking opportunities.
Silverstone said on Thursday that it had been given approval to use the design by the sport's bosses.
The new layout introduces a series of corners after Abbey corner before rejoining the old track at Brooklands.
It lengthens the track by 0.472 miles to 3.666 miles and is expected to add about four seconds to lap times.
Silverstone had already decided to use the new layout for the MotoGP race, for which it has won back the contract from Donington Park, but was awaiting approval from the F1 authorities.
A statement said the new layout had "been designed with a view to creating three new overtaking opportunities".
The track said it had invested £5m in the changes, which are scheduled to be completed in March.
Silverstone is also attempting to improve the facilities for spectators by constructing elevated viewing banks and moving existing grandstands to bring the fans closer to the action.
Silverstone Circuits managing director Richard Phillips said: "The new sections of circuit were initially brought in to comply with MotoGP safety regulations, but the 'Arena Complex' was always designed with both two and four-wheeled racing in mind.
"We have been very careful, working closely with drivers and riders, to make sure we are improving and enhancing what Silverstone already has to offer - from a drivers, riders and spectators point of view.
"Some will miss not seeing modern day F1 cars accelerating through Bridge, but we have to move with the times and continue looking at ways to improve the overall experience.
"The new layout will bring an extra dimension to Silverstone, a new challenge for the drivers, and will enable fans to get closer to the action."
The new track layout is the first stage of a series of improvements Silverstone is aiming to make after it ended uncertainty over the future of the British GP by winning in December a 17-year contract to host the race.
The next stage is a new pit and paddock complex, to be located between Club and Abbey corners and which is scheduled to be completed by the summer of 2011.
New garages, a race control building, media centre, hospitality and VIP spectator zones will be included.