The plan would see races held on a 5km street circuit in the city of Incheon, just outside the capital Seoul, although the idea is still in its infancy and faces several obstacles.

The Korean Grand Prix was part of the F1 calendar at a different circuit in the south of the country from 2010 but was axed after three years because of costs and tepid interest locally.

Incheon city officials said yesterday their new plan can bring in money and they hope to draw up to 400,000 visitors over the three-day race weekend.

Incheon mayor Yoo Jeong-bok told reporters they are ambitiously aiming to stage the first race in 2028.

The track design was developed after looking at street circuits in Singapore and Las Vegas.

“It is possible to link the F1 Grand Prix, which has developed into a form of entertainment, with K-culture,” the plan says.

“We expect to hold various cultural performances, such as inviting world-famous artists, to elevate Incheon’s cultural and tourism infrastructure to a world-class standard,” it added.

F1 currently holds races in 24 locations around the world, including China, Japan and Singapore.

Vietnam was set to stage a race in 2020 but the event was cancelled because of the Covid-19 pandemic and has not appeared on the calendar since.

Thailand last year approved a bid to host a race.

F1 declined to comment on the South Korean plan.

Any plan to host the sport again would need to pass numerous hurdles including approval from the central government, finding a promoter and securing a spot in the densely packed calendar.