Mexico hope to return to the Formula One calendar in 2014 following an absence of more than two decades.
The North American country has hosted 16 grands prix, the last of which was in 1992 at the Autodromo Hermanos Rodriguez, but plans are afoot to win their place back next year.
According to Mexico's representative at F1's governing FIA, Jose Abed, Mexico City are busy upgrading their track.
"We have plans ready to improve the Autodromo Hermanos Rodriguez and, after they finish the refurbishment, we have to return to Formula One in 2014," Abed is quoted as saying on laaficion.com.
He added that "the investment required for the racetrack is $20 million and the financial settlement, which is direct to Eccclestone, is about $30 million".
Mexico is eager to return to Formula One as interest in the sport has grown following Sergio Perez's exploits with Sauber the past two years. Perez, though, will drive for McLaren this year on the back of his impressive showings while his compatriot Esteban Gutierrez will take his spot at Sauber.