F1 boss Bernie Ecclestone tells @itvlondon "It's going to bring a lot of business into not only London, into England"
Spanish bank Santander released an F1 driver's point of view CGI film back in 2012 of an imagined 5.156-kilometre circuit around London.
The route takes in some of the Capital’s most famous landmarks and was produced after a detailed feasibility study for such a race was carried out.
The lap would start in The Mall and cars would reach speeds of 180mph on the 3.2-mile circuit, with drivers racing past sights such as Buckingham Palace, Big Ben and Trafalgar Square.
The route also features perhaps one of the most audacious corners seen on an F1 track, as 24 cars steer their way from Trafalgar Square into Admiralty Arch.
Hundreds of thousands of people took to the streets last time London was visited by the Formula One travelling circus back in July 2004.
During the event former F1 World Champion Nigel Mansell threw his support behind the idea of a London race, saying that if it were to become a reality "it would be one of the best street circuit races in the world":
Former F1 driver Mark Blundell has told ITV London's Simon Harris that a London Grand Prix would be more exciting than Monaco.
– Mayor of London spokesperson
“The Mayor thinks F1 is a fantastic event that any city would feel privileged to host, and he is always interested in projects that attract jobs and bring growth.
He is positive that London would do a spectacular job of holding a Grand Prix; but it is impossible to say what the impact might be without detailed planning, consultation and research and the question of air quality and noise impact would have to be looked at very carefully.”
Boris Johnson "thinks F1 is a fantastic event that any city would feel privileged to host" @itvlondon
Formula One racing on the streets of London will come a step closer this morning when ministers launch a formal consultation.
A London Grand Prix to rival Monaco and Singapore is an idea which has been floated in the past but has never happened.
The only way for organisers to lift the 30 mph speed limit would be through a Parliamentary procedure which could take 19 months.
The Department for Culture Media and Sport is proposing a new law which would make it easier to suspend the Road Traffic Act.
Ministers believe the popularity of street racing would generate a big boost to a local economy.
Environmental groups are expected to greet the proposal with horror.
Darren Johnson, a Green member of the London Assembly said motor racing sends out the wrong message about London's streets.
Formula One racing on the streets of London comes a step closer as the government launches a consultation. @itvlondon
Stevenage's Lewis Hamilton finished ninth in the final race of the season in Brazil today.
His poor position came after he was penalised for making contact with William's driver Valtteri Bottas - an incident that resulted in tyre failures for both of them.
The result means Hamilton ends the season fourth in the driver's championship.