Plans for a motor racing complex in Ebbw Vale could be submitted to Blaenau Gwent council as early as September.
The £250m Circuit of Wales project promises to boost regeneration and bring 6,000 jobs to the area, as well as enhancing Wales' international profile.
It will focus on the low-carbon automotive industry and international motorsports.
The plans were first unveiled last November, with land adjacent to the Rassau industrial estate on the edge of the town earmarked for the racetrack.
Chief Executive Michael Carrick says the circuit is designed to host international motorsport events such as MotoGP, World Superbikes and World Motocross.
The project would be delivered by The Heads of the Valleys Development Company in partnership with the Welsh Government, local authorities, universities and industry partners.
Under the plans:
The main racetrack will be approximately 3.5 miles long
There will be an international kart track and motocross tracks as well as the main circuit
The development will include a technology park for research, development and support services in the automotive and motorsports sectors
A leading motor sport race academy would also be created to develop young talent
Public consultation is already underway, with public events starting later in August.