Absent from the F1 calendar since 2008, the French grand prix was last held at Magny Cours, an unpopular venue due to its uninteresting and remote location.
But Briton Palmer, a well-known race circuit magnate with his company Motorsport Vision, has now acquired a former French and US air force base in Laon-Couvron, Aisne.
France’s Auto Hebdo said the Aisne department is located just a few dozen kilometres from Paris.
Palmer, who raced in the 80s for teams including Williams and Tyrrell, will reportedly start work on the circuit in 2017.
And Aisne Nouvelle, a local publication, said the facility is expected to open in 2018.
“This is a site that has a future,” Dr Palmer said.
Neither publication mentioned the possibility of the venue hosting the French grand prix. (GMM)