The claim was made on Thursday by José Vicente de los Mozos, the president of the executive committee of the IFEMA fairgrounds and convention centre located to the northeast of the Spanish capital.
Opened in 1991 IFEMA has become a major centre for conferences and conventions, and there is enough land in and around it to form the basis of a race circuit, with the existing buildings called into use.
It is operated by a consortium of public bodies, consisting of the city council of Madrid (31%), the regional administration of the community of Madrid (31%), the Madrid Chamber of Commerce (31%) and the Montemadrid Foundation (7%).
Since March it has been the host of the officially-sanctioned and well-received F1 Exhibition, which in effect has served to help the city to stake its claim for a race event.
“I know when we're going to sign it and when we're going to do it," said de los Mozos of a future race deal in comments reported by Europa Press.
He added: “We have followed the process indicated to us. The Spanish Automobile Federation has been informed from the first moment, we have signed exclusivity, and now we are advancing with the contract.”
He noted that the event would generate €500m for the region and that it would be “not a race, but an experience - the best in Europe.”
Source: Autosport