Mexico is planning to be on next year's F1 calendar.
Jose Abed, Mexico's representative at F1's governing FIA, has been quoted as saying the venue for the 2014 race will be the Autodromo Hermanos Rodriguez, in Mexico City.
The track last hosted F1 in 1992, but Bernie Ecclestone has said it is not suitable for modern grands prix unless a major upgrade is done.
Abed is quoted by AS newspaper: "We have plans ready to improve the (circuit) and, after they finish the adjustments, we return to formula one in 2014."
He said the upgrade will cost $20 million, and the annual race sanctioning fee about $30 million.
McLaren's Sergio Perez, and Sauber newcomer Esteban Gutierrez, are both Mexican.