Silverstone bosses expect work to start on the planned upgrade to the track early next year, after deciding to drop plans for a housing estate at the facility.
Although the Northamptonshire track has lost the British Grand Prix to Donington Park after next year, circuit owners, the British Racing Drivers' Club (BRDC), are still pressing ahead with an upgrade of the venue.
And although this will now not include a housing estate, following discussions with the nearby community, the local governments have given their backing to a track revamp, a manufacturer test centre, business park, leisure complex, hotels, university campus and Welcome Centre.
Silverstone's managing director Richard Phillips said: "We have listened closely to the local community and decided that removing the houses proposed in the Development Brief was the best way forward for the project.
"Overcoming this hurdle now allows us to press ahead with our plans for developing Silverstone into a world leading motor sport venue. We expect to be starting work on new facilities early in the New Year.
"We would like to thank Aylesbury Vale District Council and South Northamptonshire District Council for all the hard work they have put into securing the future of Silverstone. We are delighted that they are now fully in support of the Development Brief and we look forward to its final adoption.
"It is fair to say that there have been a number of challenges along the way, but we believe an appropriate balance has now been struck. We are on programme to be on site early next year and this will mark a new phase for motor sport in the UK."