London F1 Grand Prix could happen as soon as 2017

Plans have been in the pipeline for a street race to rival Monaco for several years but the proposals have faced a number of obstacles. Early ideas for a track have involved sections going past Hyde Park and Buckingham Palace.

Before a race can be added to the F1 calendar, however, government has to pass legislation enabling councils to close certain roads for a high-speed race.

But Ecclestone, 85, insists that a London circuit could be in place by 2017.

Asked when it could come into place, Ecclestone replied: "Next year if it's possible. There is a small technical issue, who is going to pay for it, but other than that I can't see any dramas."

"[A race] in the middle of London would be fantastic. I mean we're having the same sort of thing in Baku now and like in Monaco. Street races have become very popular. We'd have a lot more viewers than they do in Monte Carlo."

London has previously held Formula E races - the sport with electric-powered cars - in Battersea Park, and Ecclestone believes a Grand Prix would prove popular with the general public.