The Peter Brock Raceway is a proposed new racing circuit at Mt Panorama, Bathurst.
The new facility is the brainchild of the same team behind the Best Western Mount Panorama Resort, currently being built.
If the group has its way the venue will be ready for racing within a year.
According to the group's press release it is "currently in negotiations with Bathurst Regional Council and the NSW State Government to try and expedite construction".
Given permission, construction will begin "early in the New Year."
One sticking point is the ownership of the land - currently used as a car park for the Supercheap Auto Bathurst 1000 - but the resort group is confident this can be overcome.
The resort is proposing a "land swap" between the Bathurst Council land and the Charles Sturt University land, where they plan to build the track.
The new track would utilise Pit Straight to take advantage of the new pit complex, which has been an important issue to the local government since $26m was spent upgrading the pits.
The backers believe that the impeding closure of Oran Park and Eastern Creek's heavy schedule means there is a market for a new racing facility in New South Wales.
It is hoped that the new venue will be used for motorcycle racing as well as karting.
Construction of the Best Western Mount Panorama Resort continues but will not be completed in time for this year's race. One last-minute change to the plans is the addition of a sculpture of Brock, who was the public face of the resort, at the entry of the complex.