The track would be built at Ebbw Vale at a 830 acre site on the Rassau industrial estate on the Heads of the Valleys Road.

Consultation with local residents has already started over the plans which will see the track host MotoGP, World Superbikes, World Motocross and World Touring Car events.

Backer the Heads of the Valleys Development Company said formal proposals could be submitted to Blaenau Gwent council in a few months.

Plans include commercial units and a new hotel alongside the track.

Subject to planning permission, construction work could start next year with the track operational by 2015.