Formula 1 has reached an agreement in principle with the Miami Dolphins to host a race around Hard Rock Stadium - the home of the NFL team - from 2021.
The proposed Grand Prix on a track around the stadium, that is the home of the Miami Dolphins, would be a second F1 race in the United States, alongside the US Grand Prix at Austin's Circuit of The Americas.
It is subject to a vote by the Miami-Dade County on October 28.
A statement released by F1 managing director of commercial operations, Sean Bratches, and Tom Garfinkel, the vice chairman and chief executive of the Miami Dolphins and the Hard Rock Stadium, said: "We are thrilled to announce that Formula One and Hard Rock Stadium have reached an agreement in principle to host the first-ever Formula One Miami Grand Prix at Hard Rock Stadium.
"With an estimated annual impact of more than $400 million (£311m) and 35,000 room nights, the Formula One Miami Grand Prix will be an economic juggernaut for South Florida each and every year.
"We are deeply grateful to our fans, elected officials and the local tourism industry for their patience and support throughout this process. We look forward to bringing the greatest racing spectacle on the planet for the first time to one of the world's most iconic and glamorous regions."
If the race is given the go-ahead, F1 will return to Florida for the first time since the 1959 US Grand Prix at Sebring.