Toni CharouzThe Czech Republic wants to host a grand prix in the future on a street circuit in its capital city, Prague. The prime mover behind the proposed event, Toni Charouz (left), is aiming to stage a round of the DTM on the 2.5-mile track as a precursor to a Formula 1 event.

"F1 is the ambition," Charouz told AUTOSPORT. "If we put on a good show with the DTM, then maybe we can have a grand prix, but we've got nothing on paper yet."

A draft layout of the circuit, which will be situated three miles outside Prague city center, has been drafted by F1 circuit guru Hermann Tilke. The track will include a 1.3-mile permanent section and a corner within a 15,000-seat sports stadium.

Charouz would not reveal how far negotiations have progressed with F1 commercial manager Bernie Ecclestone, but is confident that the track can be a success. "This track will be very central in a city of 1.5 million people," he noted. "This type of track is the future of motor racing."

Charouz, who has run teams in sports cars and A1GP, and has promoted various international events at Brno, said that the planning process for the circuit was "90 percent complete." He expects work on the track to begin next year, with the first races taking place in 2012.

A spokesperson for DTM organizer ITR was optimistic that the event will become a reality: "Hans Werner Aufrecht [ITR boss] loves street races, so, of course, we would be interested in a project like this – but it is just a proposal at the moment."

Meanwhile, the prospects for another Eastern Europe GP in Bulgaria appear to have collapsed, after that nation's sports minister made clear that the Bulgarian government would only provide land for a proposed circuit, but not construction funding.