Prime Minister Srettha Thavisin met Formula One organisers in Italy and said he hoped the construction of a Formula One racing circuit would start near U-Tapao airport in Rayong province in three or four years.
The prime minister met executives of Formula One Group in Milan on Sunday.
Mr Srettha told reporters that Thailand needed international sporting events to boost tourism, and the government wanted the country to be a venue of the Formula One World Championship.
"I believe that we and the organisers both want (this) to happen. I am confident that there will be good news in a few months," Mr Srettha said.
There could be F1 and F2 events at the track, and also events for young racers, he said. Details had yet to be discussed, but the government would be ready to start construction of the circuit in 2027 or 2028 at the latest, the prime minister said.
During his trip to Italy, Mr Srettha on Sunday visited the Formula One circuit in the town of Imola.
An evaluation of the amount of revenue Formula One will generate for Thailand has not been done yet, said Mr Srettha.
He said VIP tickets to the event cost between 5,000 and 8,000 US dollars per person while other revenue streams will come from sponsors, food sales at the event and tourism.
