A new three-day behind-closed-doors event - described as Goodwood's "fastest ever" - that combines the best of the Festival of Speed and Revival will take place in October this year.
The idea of running a televised-only event was first mooted after the cancellation of all three of Goodwood's main motorsport fixtures this season due to the coronavirus pandemic.
Now plans have been put in place to run the new Goodwood Speedweek event across the 16-18 October weekend.
As well as traditional circuit races at the Sussex venue, there will also be a rally competition and the meeting will conclude with a special one-lap shootout among the fastest cars.
This will feature modern cars competing at Goodwood for the first time and it is therefore expected that the lap record will be beaten.
As there will be no spectators, organisers have been given more freedom in bringing faster and "more extreme" elements to the event.
All the action will be televised for free via Goodwood's website and social media channels and an online auction will also take place.
More details about the exact programme of events and driver line-up will be revealed in the coming weeks.
The Duke of Richmond said: "Having taken the heart-breaking decision not to hold the Festival of Speed and Revival this year, we were determined to find a way of bringing motorsport to Goodwood in 2020.
"Speedweek will be a once-in-a-lifetime occasion - the fastest, most exciting and spectacular event we have ever staged.
"I have been overwhelmed by the positivity and support offered to us by our partners and friends.
"In particular, I'm delighted that Mastercard, who have been the presenting partner of the Festival of Speed since 2017, will also be the presenting partner of Speedweek; and Bonhams, who have held their auctions at Goodwood every year since 1993, will be joining us.
"An event unlike any that's gone before, Goodwood Speedweek will be a fitting celebration of the spirit of the Festival of Speed and Revival, both of which will return, bigger and better than ever, in 2021."