A Formula 1 race in Miami, on a circuit around the Miami Dolphins NFL stadium, could be held in 2021 after a deal in principle was agreed between the sport and venue owners.
The Hard Rock Stadium and new Miami GP Twitter feed announced the plans, with a joint statement issued to say that an initial agreement had been signed.
"We are thrilled to announce that Formula One and Hard Rock Stadium have reached an agreement in principle to host the first-ever Formula One Miami Grand Prix at Hard Rock Stadium," read a joint statement issued by Sean Bratches, F1's commercial managing director, and Tom Garfinkel, the vice-chairman of the Miami Dolphins.
"With an estimated annual impact of more than $400m and 35,000 room nights, the Formula One Miami Grand Prix will be an economic juggernaut for South Florida each and every year.
"We are deeply grateful to our fans, elected officials and the local tourism industry for their patience and support throughout this process. We look forward to bringing the greatest racing spectacle on the planet for the first time to one of the world's most iconic and glamorous regions."
Computer-generated images of what the F1 circuit would look like were also released.
The Miami Herald reports that permission now needs to be granted from Miami-Dade County officials and, should the green light be given, the inaugural race would take place in May 2021.
With the established United States GP in Austin having a contract until the end of 2021, the advent of a Miami race would mean there would be two races in the USA for the first time since 1984.
F1's owners, Liberty Media, made it their intention to add 'destination cities' to the calendar after buying the sport nearly three years ago, with the American market a key target.
The sport first announced plans in 2018 to take F1 to Miami but hopes of staging a Grand Prix on a street circuit in the downtown area of the city from this year were postponed amid local protests against the event and concerns about the suitability of the track layout.
But the sport did hold an F1 fan festival on the city's streets last October, which attracted 80,000 people.