Thailand has become the latest country bidding to join the ever-expanding Formula One calendar.
The Bangkok Post said media reports have been confirmed by Thailand's official promotion arm the Thailand Convention and Exhibition Bureau.
The agency's president Akapol Sorasuchart said businesses have called on Thailand to organise major events in order to enhance its reputation.
He said experts will be called in to study the proposal.
"Building an F1 circuit is very costly but it would be useful after the races end," said Mr Akapol.
Building an F1 circuit is very costly but it would be useful after the races end
"(And) I think that street racing is interesting for Thailand because it involves lower investment."
He said a street layout would likely include the capital city Bangkok's Ratchadamnoen road, built in 1899 to link the royal palaces during King Rama's reign.