The Brazilian Grand Prix is due to move from Sao Paulo to Rio de Janeiro in 2020, according to the country's president, Jair Bolsonaro.
The future of the grand prix at its current venue, Interlagos, was in doubt, and although a contract exists to keep the race there until 2020, Bolsonaro said it was "no longer viable" as it relied on funding from the local government.
Speaking at a news conference, Bolsonaro confirmed a new track would be built in the Deodoro area of Rio de Janeiro and named after Brazilian three-time champion Ayrton Senna.
"After our victory in the elections, Formula One, which would leave Brazil, decided not only to remain, but also to build a new race track in RJ [Rio de Janeiro], which will have the name of the idol Ayrton Senna," Bolsonaro said in a tweet. "With this, thousands of jobs will be created, benefiting the economy and the population of the state."
The Brazilian president said the construction of the circuit will take between six to seven months and create as many as 7,000 new jobs. However, the move from Sao Paulo to Rio has not been confirmed by Formula One.
Rio hosted a Brazilian Grand Prix at the Jacarepagua circuit in 1978 and again from 1981 until 1989, but the track was demolished to make space for construction for Rio's Olympic Games in 2016.
The first Brazilian Grand Prix was held at Interlagos in 1973 and stayed at the venue until 1980 (with the exception of the 1978 race at Jacarepagua) before the race returned on a shortened layout in 1990, where it has remained ever since.
Brazil has F1's largest national TV audience and a rich history in the sport, with three world champions -- Senna, Nelson Piquet and Emerson Fittipaldi -- holding eight titles between them.