Miami is set to host a Formula One race in 2021 after an agreement was reached in principle to stage the event at the Hard Rock Stadium.
It was originally thought F1 was looking to gain permission to put on a race in Miami's harbourside area but faced opposition to the idea and consequently switched focus to the home of NFL franchise the Miami Dolphins.
A joint statement from F1 commercial chief Sean Bratches and Dolphins vice chairman Tom Garfinkel confirmed the venue could host the inaugural Miami Grand Prix in the 2021 season.
"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," the statement read.
"With an estimated annual impact of more than $400million and 35,000 room nights, the Formula One Miami Grand Prix will be an economic juggernaut for South Florida each and every year.
"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."
Garfunkel tweeted images of what the race will look like and indicated it would take place in May on the calendar, with the design of the track layout mainly using car parks and land owned by the stadium.
CEO Chase Carey had outlined growing F1 in America as one of his focuses when Liberty Media completed its takeover just under three years ago.
Reports suggest permission still needs to be granted by the Miami-Dade County officials before getting the go-ahead.