Aylesbury Vale District Council and South Northants District Council last week received a comprehensive outline planning application that will transform the Northamptonshire estate if given the green light.
Silverstone has already undergone a track revamp, and this year the new £27million pit-and-paddock complex was unveiled.
However, in a bid to become one of the leading venues in the UK, the plan now is for a business park, technology park, education campus, three hotels, ancillary retail and spectator facilities that includes a Welcome Centre and Museum of Motor Sport, as well as a kart track and outdoor stage.
Silverstone Holdings Ltd managing director Richard Phillips said: "This is the most important initiative that Silverstone has taken in its 60-year history.
"Approval of this planning application will help maintain Silverstone's position as a leading global centre for sport, leisure, education and technology, and support its vision of becoming a world-leading motor sport destination."
Stuart Rolt, chairman of the British Racing Drivers' Club, added: "The submission of this planning application is a big step forward in releasing the commercial potential of Silverstone and its 760-acre estate.
"The timing of this planning application is closely linked into the process we are currently undergoing to seek potential investment from third parties that will enable us to move forward with our plans more rapidly."
Rolt and Phillips both confirmed at last month's British Grand Prix that for the development to succeed, outside investment was needed as they could not support such a significant financial undertaking.
It is estimated the development will create around 8,400 permanent jobs in the firms and activities attracted to the site, plus an average of around 550 construction jobs per annum throughout the development phase.