Silverstone circuit is to submit a request for approval on a revised version of its Masterplan to the relevant district councils.
An original submission to South Northamptonshire District Council and Aylesbury Vale District Council was initially approved in 2012, but plans have progressed since then.
As part of the process a public consultation will take place on March 16 to give the local community and interested parties the opportunity to review the new plans.
Stuart Pringle, Silverstone sporting director, said: “The Silverstone Masterplan will allow us to develop our strategic vision for the circuit and business and release the potential of this iconic sporting venue.”
This year’s update of the original plans has evolved, and will largely include the same elements of hotels, leisure and hospitality facilities, as well as circuit related activities.
The masterplan is considered the next step towards the long-term future of the international venue which is owned by the British Racing Drivers’ Club.
The public consultation will take place in the Silverstone visitor centre on March 16 from 4pm until 8pm.