"Since November 2018, the city of São Paulo has been working for the renewal of the F1 Brazil GP contract in the city of São Paulo, starting in 2021".
According to the Brazilian President, the decision to move the event from Interlagos was a result of heavy debts making the circuit an unviable host, with significant state assistance being required to keep the race there.
Brazil's president, Jair Bolsonaro, has said that his country's 2020 round of the world championship will be held at a new goal built track in Rio de Janeiro.
The President added: "After our victory in the elections, Formula One, which was leaving Brazil, decided not only to stay, but also to build a new race circuit in RJ, which will be named after the idol Ayrton Senna. The hotel sector will be happy, the state economy as well since it will be six or seven thousands jobs generated".
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Other actors have also voiced their support, as have the heads of several independent production companies . The latter stems from the passing of a new law within the states of Georgia and five other states.
Announced by the Brazilian president Jair Bolsonaro yesterday, the new facility will be designed by Hermann Tilke designed and built in the western Deodoro district, home to several Summer Olympic venues from the 2016 games. "And both parties (F1 and City Hall) continue to honour their commitments", they said in a statement.
F1 races were held in Rio at the Jacarepagua circuit, which has been demolished, in 1978 and between 1981 and 1989. "The construction will take six to seven months and the Brazilian Grand Prix will be held in Rio de Janeiro next year".
If Formula One does indeed move to Rio de Janeiro in 2020, it will end Sao Paulo's hosting duties which stretch back to 1990.
Interlagos has been a well-loved circuit on the Formula 1 calendar since its introduction in 1990 and often throws up an exciting race - who could forget Max Verstappen vs Esteban Ocon just past year, or Lewis Hamilton snatching the title from home-favourite Felipe Massa in 2008.