The Formula One Group and Hard Rock Stadium have concluded an "agreement in principal" to bring F1 to the streets of Miami in May 2021.
The venue for the event - which will provide the US with a second F1 Grand Prix after Austin - will be a circuit laid out around the home of the Miami Dolphins NFL team.
"We are thrilled to announce that Formula One and Hard Rock Stadium have reached an agreement in principle to host the first-ever Formula One Miami Grand Prix at Hard Rock Stadium," Dolphins CEO Tom Garfinkel and Sean Bratches, F1’s managing director of commercial operations, said in a joint statement.
"With an estimated annual impact of more than $400 million and 35,000 room nights, the Formula One Miami Grand Prix will be an economic juggernaut for South Florida each and every year.
"We are deeply grateful to our fans, elected officials and the local tourism industry for their patience and support throughout this process," Garfinkel added.
"We look forward to bringing the greatest racing spectacle on the planet for the first time to one of the world’s most iconic and glamorous regions."
The agreement calls for Miami Dolphins and Hard Rock Stadium owner Stephen Ross to cover all race costs, including a $40 million investment linked to the mostly self-contained track located in the vicinity of the stadium.
However, a definitive deal to add a Miami Grand Prix to F1's calendar isn't done and dusted as Miami-Dade County commissioners will have their word on the prospective race.
F1 hit a speed bump last year with its initial plans to stage an event around the Bayfront Park area.
That plan was shot down by local residents and environmental associations, and the same fate could await F1 and Hard Rock Stadium in Miami Gardens whose mayor has come out publicly against the race.
But Bratches insists the event's organisation will lead to minimum disruption.
"Hosting the race at the stadium site limits the work that has to be done to public streets, which means very little disruption to surrounding residents and businesses as we prepare for the race," said F1's commercial boss.
The Miami race would also be a boon for the local hotel and hospitality industry, with economic benefits projected to be on the scale of the NFL's Super Bowl.
F1 is likely to know within the next few months whether local residents and officials will be onboard with the marquee event project.