Formula 1 set to add second US race on streets of New Jersey from 2013

Although F1 is returning to the US for the first time since 2007 next year with an event in Austin, Texas, Bernie Ecclestone has made no secret of the fact that he would like another event in the country - with his preferred location being New York.

Ecclestone told AUTOSPORT last year: "It's happening. We are talking to them and trying to do our best. Let's see what happens."

High level sources have revealed that the plans have now reached fruition, and an announcement is expected to be made by New Jersey governor Chris Christie and other local politicians next week.

It is understood that the New Jersey GP will take place in June 2013, so it can be a back-to-back race with Canada, which will then leave the Austin event to keep its place at the tail end of the schedule to tie up with the Brazilian Grand Prix.

Last year, the Mayors of Weehawken and West New York revealed that they were in the preliminary stages of talks with a group of investors, led by former YES TV Network executive Leo Hindery Jr, to hold a grand prix in the area from as early as 2013.

It is not confirmed where the track will be, but it is likely to run along the banks of the Hudson River - using the waterfront and the iconic Manhattan skyline as a backdrop.

The Wall Street Journal reported on Saturday that a press conference has been scheduled at Port Imperial in Weehawken for next Tuesday, where an announcement could be made.