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.
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In a wide-ranging Peston on Sunday interview, he said Parliament security needs reviewing and the PM's counter-terror strategy is flawed.
The terror attack carried out by Khalid Masood at Westminster that left four people dead lasted less than two minutes say police.
Two knives were found at the scene in Islington, North London, and the suspects fled on foot before being arrested.