Silverstone chiefs have vowed to give "the most passionate fans in the world" a circuit to compete with F1's finest.
F1 boss Bernie Ecclestone has warned there will be no new deal for the track to host the British Grand Prix after 2009 unless facilities are redeveloped.
A £25m scheme is likely to be approved soon by members of the British Racing Drivers' Club, which owns the circuit.
"We'll hopefully starting work in the not-too-distant future," said circuit managing director Richard Phillips.
"If we can combine one of the best circuits in the world with the best and most passionate fans in the world, we'll have a pretty spectacular combination."
Inspired by Lewis Hamilton's success this season, over 200,000 people, including record crowds on Friday and Saturday, attended last weekend's British GP.
"I have never experienced anything like it at Silverstone before and I am sure there is more to come in future years," said Phillips.
"Considering what we had to put up with in the weeks leading up to the event, including the torrential weather, flooded car parks and terrorist activities in London and Glasgow, I think the team and contractors did an amazing job.
"They put on a fantastic event for the fans, and to get record crowds on Friday and Saturday, and a capacity crowd on Sunday, was fantastic."
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