It is hoped the 3.5-mile Circuit of Wales in Ebbw Vale, proposed by The Heads of the Valleys Development Company, will host MotoGP, World Superbikes, World Motocross and Touring Car.
The main circuit will be accompanied by an international kart track and motocross tracks, and as part of the plans the project will also include investment in industrial, commercial and leisure developments.
A race academy is also in the pipeline to develop young British and European elite riders and drivers.
The developers are looking to submit a planning application to Blaenau Gwent County Borough Council in late September or early October.
Michael Carrick, chief executive of The Heads of the Valleys Development Company, said: "This is a major private sector-originated regeneration project in partnership with the local authority and the Welsh Government which will create significant job opportunities in a deprived part of the UK.
"We believe we have identified an outstanding site in Ebbw Vale, on the boundary of a national park and close to major population centres.
"The topography will allow us to create a unique, exciting, safe and stunning environment, which will offer an outstanding experience for competitors and spectators.
"We hope to finalise our detailed plans during this year and commence work on the development early next year with a view to being operational in 2015."