Tony Kanaan, KV, Sao Paulo 2011The IndyCar Series intends to add a second event in Brazil next season, having reached an initial agreement to hold a street race in Porto Alegre in September 2012.

The IZOD IndyCar Series is racing in Sao Paulo for the second time this weekend, having brought American open-wheel racing back to Brazil last year for the first time since Champ Car used the Rio oval from 1996 to 2000.

Now Rio Grande do Sul governor-elect Tarso Genro and Porto Alegre's mayor Jose Fortunati have signed a letter of intent promising funding for a race in Porto Alegre next year.

IndyCar's commercial boss Terry Angstadt said the local authorities were extremely eager to bring the series to their streets.

"It appears to us that the governor and mayor are very optimistic that all funding will happen and that we will soon reach a formal agreement to have a race in 2012," Angstadt said. "The cooperation between the state and municipal level indicates the broad-based support necessary to host world-class international events.

"What's exciting to us is this three-country platform – to have a race in a section of Brazil with close proximity to Argentina and Uruguay. It's a very business-friendly market so it's perfect for IndyCar."

The Sao Paulo race is expected to keep its early May date, so the two events will not be paired.