A welcome centre is planned for the circuit with a museum, an exhibition area and an arena for a range of motoring activities.

The aim would be to create a centre for motor sport technology, a rural employment hub and a tourist destination for those interested in car racing.

£40m contribution

Mary Clarke, from South Northants council, said: "Future development must support Silverstone as the home of the British Grand Prix and as a motor sport venue generally.

"We are interested in what people think of these plans and will take all comments into account and make changes to the brief if necessary."

Carole Paternoster, from Aylesbury Vale council, said: "The Formula One British Grand Prix weekend is just one of the many events held at Silverstone each year but its contribution alone to the local economy is estimated at about £40m.

"The loss of this race would also jeopardise the viability of the circuit in the longer term and the many local jobs it supports."

The planning document will be available from Tuesday 16 October on the websites, libraries in Towcester and Brackley, council offices in Towcester and the Tourist Information Centre in Brackley.

There will also be an exhibition of the plans in St Michaels Church Rooms, Little London, Silverstone on Friday 19 and Saturday 20 October.

The consultation lasts until 26 November 2007.