This year's British Grand Prix weekend will feature two support races for a full grid of cars from 1966 to 1985.
A grid of around 30 cars will be assembled from entrants from the FIA-badged European series and the corresponding series run by Masters in North America.
The majority of the field will run with Cosworth DFV power, more than 50 years on from the introduction of the Northampton-built engine, while one or two V12-engined cars could also be entered.
Masters Historic Racing, which also runs the FIA Masters Historic Formula 1 Championship, will be responsible for staging the races.
It organised support events for last year's F1 races in Canada, the United States and Mexico.
Masters Historic Racing founder Ron Maydon said: "The fact that we have been asked to organise a support race at the British Grand Prix certainly reflects the quality of the show we put on at Montreal, Austin and Mexico City last year.
"I'm sure that we will evoke many wonderful memories with spectators who were also present at Silverstone and Brands in the 1970s and 1980s as well as fascinate the younger part of the crowd."
The British GP takes place two weeks before a round of the FIA Masters Championship runs at the Silverstone Classic.
This year is the 70th anniversary of Silverstone circuit, which first hosted racing in October 1948 when Luigi Villoresi won the Royal Automobile Club International Grand Prix.
Stuart Pringle, Silverstone managing director, said: "We regularly ask our fans for feedback on how we can further improve their British Grand Prix experience and requests for more track action and the opportunity to see classic Formula 1 cars are always high up on the list.
"I believe that the inclusion of the two Masters Historic Formula 1 races to the timetable will tick both those boxes and will not only be a fantastic crowd-pleaser but also a great addition to the weekend in a year which Silverstone celebrate its 70th anniversary."
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