South Korea could host future Grands Prix under a deal signed by Formula One supremo Bernie Ecclestone on Monday.
The new seven-year deal was signed in Seoul on Monday
A new 3.4-mile track will be built in Yeongnam, 240 miles south of Seoul, with the first Grand Prix in a seven-year deal slated for 2010.
The circuit needs to be approved by motorsport's governing body once it is completed, scheduled to be in 2009.
An attempt to host a race in South Korea 10 years ago foundered when the proposed race site was not developed.
The track will be constructed by the Korea Auto Valley Operation, a joint venture between South Cholla province and the Korean F1 promoter M-Bridge Holdings at a cost of about £140m.
The new deal continues the move by F1 into new markets, with Grands Prix in China, Bahrain and Turkey added to the schedule in recent seasons.