The owners of the Silverstone racing circuit have submitted plans to develop the area around the track.
The British Racing Drivers' Club wants to build a business park, technology park, an education campus and three hotels at the Northamptonshire track.
There are also visitor facilities planned such as a Welcome Centre and a museum of motor sport.
South Northants and Aylesbury Vale District Councils will consider the plans that could create 8,000 jobs.
Stuart Rolt, chairman of the British Racing Drivers' Club, said: "Both councils are fully aware of how important Silverstone is to the local area."
The plans are part of a long-term project which was launched in 2009. The company will need to to find investors to fund the development after approval.
The circuit has already had some major alterations over the past couple of years including an addition to the track and a new pit and paddock.
Richard Phillips, managing director of Silverstone Holdings Ltd, said: "This is the most important initiative that Silverstone has taken in its 60 year history."