British Racing Drivers' Club chairman John Grant has presented a potential deal to members that could result in the sale of Silverstone to the Jaguar Land Rover Group.
Silverstone owner the BRDC has been in negotiations with JLR over a possible deal, which could provide the funding for further circuit improvements at the home of the British Grand Prix.
The proposal was discussed at a members' forum yesterday and BRDC president Derek Warwick said the response was very positive from the members.
"The deal is definitely not done yet," said the ex-Formula 1 driver and world sportscar champion.
"There's still a lot of work to do to get the deal to where both sides are happy and more importantly what's right for the BRDC and it's members.
"Having said that, we are well down the road.
"We told the members to get a flavour of what they thought of the deal.
"The response was favourable so we will now set up an EGM for the members to vote and give the board a mandate to proceed with the deal and continue with the negotiations with JLR."
The deal, if agreed, should help secure the long-term future of the British GP at Silverstone.
The circuit, which receives no state funding, unlike many other F1 host venues, has often struggled in recent years to meet the race fees required by Formula One Management.
The BRDC took over the Silverstone lease in 1952 and purchased the circuit in 1971.