The bid, worth a reported $1.2 billion, would see the Thai capital host races from 2028 to 2032, if it is successful when it is submitted to the sport's governing body.

Thai Prime Minister Paetongtarn Shinawatra has held multiple meetings with F1 chief Stefano Domenicali in recent months to push the project forward, including last month in Monaco, home to the sport's most storied street race.

The layout of the potential Bangkok street circuit has not been revealed but government spokesman Jirayu Houngsub said it could include an area near Chatuchak market in the north of the city, which is a magnet for tourists every weekend.

The Thai government has touted the idea of a "sustainable" race and said the grand prix could benefit the kingdom to the tune of $600 million.

Most of Formula One's 24-race schedule is confirmed for several years but gaps are set to open up and Domenicali has suggested that Thailand could be a contender to join the circuit.

Formula One currently stages one race in Southeast Asia, in Singapore, which is regarded as one of the toughest races of the season because of the intense heat and humidity.

Thailand's only current Formula One driver is London-born Alex Albon with the Williams team.