The Miami Grand Prix is back on the agenda again this time for 2021 after an 'agreement in principle' was reached at a new venue.

Formula 1 owners Liberty Media have been pushing for a second US race since taking over from CVC in 2017, however, a first attempt had to be abandoned due to local opposition in the location proposed.

This time, F1 is looking at a street circuit in the area surrounding the Hard Rock Stadium, home of the NFL's Miami Dolphins, with its owner Stephen Ross reportedly paying the $40m construction cost.

“We are thrilled to announce that Formula One and Hard Rock Stadium have reached an agreement in principle to host the first-ever Formula One Miami Grand Prix at Hard Rock Stadium,” F1 commercial boss Sean Bratches told the Miami Herald.

“With an estimated annual impact of more than $400 million and 35,000 room nights, the Formula One Miami Grand Prix will be an economic juggernaut for South Florida each and every year.”

Dolphins CEO Tom Garfinkel added: “We are deeply grateful to our fans, elected officials and the local tourism industry for their patience and support throughout this process.

“We look forward to bringing the greatest racing spectacle on the planet for the first time to one of the world’s most iconic and glamorous regions.”

The final hurdle is gaining permission from the local Miami-Dade County Commission and local residents again are said to be unhappy with the proposed race.

So don't go booking your flights just yet.