Just days ago, Force India deputy team boss Bob Fernley said formula one should be targeting a race in Africa.
"It's the only major continent that we're not working on and I'd like to see us go back there," he said.
According to reports from South Africa on Wednesday, Bernie Ecclestone is indeed close to finalising a contract for organisers of an event in Cape Town to sign.
Iol.co.za quotes him as saying the street race could be held within two years, with a deal "weeks away from signing".
"I'm hoping we can make a decision as soon as our lawyers have a good look at them ... within the next couple of weeks," said the F1 chief executive.
"It'll be good to be back in South Africa. We were very happy when it was here in the past."
The last South African grand prix, at the Kyalami circuit, was won by Alain Prost in 1993.