A private Singapore-based consortium is aiming to bring Valencia back to the Formula 1 calendar.
The streets of the Spanish port city hosted five grands prix until 2012, but those race organisers subsequently faced accusations of corruption.
A Singapore multinational called ARC Resorts has now proposed a new six-star hotel, casino, concert area, shopping centre and other facilities for the marina area, intended to be the "best resort within a city in Europe".
The jewel in the project's crown, said to be worth hundreds of millions of euros in total over the next few years, would be a bid to alternate Formula 1 and Formula E races on a street layout.
A source close to ARC confirmed that the idea is to "bring Formula 1 back" to Valencia, with the race this time to be privately organised.
ARC said it has "very good relations" with the sport's officials, and said revenues earned through the marina project would "more than justify" hosting Formula 1.
Valencia government officials announced they will "examine" the proposals to ensure they are "beneficial" to the city and region.