Bernie Ecclestone has told ITV News London a Formula 1 race could be held in central London as early as next year.
He said it would be "fantastic" to have a race in the middle of the capital, and believes it would be popular with viewers.
A proposed London Grand Prix, including sections past Hyde Park and Buckingham Palace, has previously been sketched out.
Races in the Formula E, which uses electric-powered cars travelling at up to 140mph were held in Battersea Park last year.
However, plans for a Formula 1 race in the capital have been held up as secondary legislation is required to allow councils to close roads for high-speed road races.
A spokesman for the Department for Transport said this would be addressed in "due course".
Ecclestone believes Lewis Hamilton, who is currently second in the drivers standings and 43 points behind Nico Rosberg, will come back and win this season's championship.
The world champion has endured a frustrating start to the season, with a number of problems with his car.
Bernie Ecclestone has has responded to British racing driver Alice Powell's comments that his views on women in Formula 1 could stop female drivers being given a chance in the sport.
When asked if he would like to see more female drivers, he responded that he would, adding "stranger things have happened".
At 85, Ecclestone has been in charge of the sport for decades but when asked whether he plans to ever retire, he said: "I don't make plans."