Jun.28 (GMM) Bernie Ecclestone is gearing up on Thursday to launch a bid for a Grand Prix on the streets of London.

The plans are reportedly separate to a McLaren sponsor event that imagines a fictitious layout in the British capital, as well as suggestions a London race could be run in and around the Olympic stadium.

With the way things are, maybe we would front it and put the money up for it.

Bernie Ecclestone

The Times reports that 81-year-old Ecclestone is prepared to put up almost $55 million to organise a street race around famous landmarks including Buckingham Palace, Trafalgar Square, Big Ben and Nelson's Column.

Other British media reports say the plans will be unveiled later on Thursday.

"Think what it would do for tourism," Ecclestone said. "It would be fantastic, good for London, good for England -- a lot better than the Olympics."

Mayor of London Boris Johnson's office did not immediately comment.

Ecclestone continued: "With the way things are, maybe we would front it and put the money up for it.

"If we got the okay and everything was fine, I think we could do that."