The Russian GP could become reality in 2014 according to reports in the Russian business newspaper Vedomosti.
Bernie Ecclestone expressed an interest in holding a round of the championship in Russia earlier this year, along with New York and Rome.
Three venues in Russia are keen to host a race, however, the city of Sochi, near the black sea opposite the coast of Turkey, is favourite.
The city is also set to host the 2014 Winter Olympics.
Yuri Reliyan, Deputy regional development minister, said construction of a track in Sochi would begin as soon as Ecclestone can “guarantee that the race will definitely take place, and the circuit will not be abandoned in the future.
“[Ecclestone] suggests holding the first grand prix in autumn 2014,” Reilyan confirmed.
The report also mentioned that veteran F1 track designer, Hermann Tilke, had already been contacted with regards to designing the circuit.
