Kevin Magnussen could be racing in a home Grand Prix and the first Formula 1 world championship event in Denmark in 2020.
National newspaper BT is reporting that Danish businessman Lars Seier Christensen met this week in London with F1's new owners Liberty Media about a potential deal.
And the talks were positive according to Christensen.
"Before anything, it was important to achieve the political will and support of Liberty Media," said the Dane.
"It was a very positive meeting in London, and now I will spend the next six months systematically gathering the necessary investors."
The report said a street layout, passing city landmarks, was currently in the design stage and headed by F1's dedicated architect and track designer Hermann Tilke.
"Tilke says it would not be a problem to construct an exciting track in the middle of Copenhagen," Christensen confirmed.
Danish F1 driver Magnussen was full of enthusiasm for the project when hearing the news.
"Oh wow, how cool! I really hope they manage to bring Formula 1 to Copenhagen."
The government may also be on board, with industry minister Brian Mikkelsen saying: "When we go public with plans, it is because it looks more and more realistic.
"I think Formula 1 would be tremendous branding for Copenhagen."
GALLERY: F1 drivers' wives and girlfriends
Keep up to date with all the F1 news via Facebook and Twitter
LAST CHANCE to enter our ULTIMATE TRACKDAY competition! FREE ENTRY HERE!
