Bulgaria looks set to be added to the FIM MotoGP World Championship calendar in 2012 after the country's Motorcycling Federation (BMF) agreed a preliminary five-year contract with the series' commercial rights holder Dorna Sports.
The BMF has secured the necessary funding needed to develop a new circuit, with two options reportedly under consideration with a final announcement expected by April.
BMF president Bogdan Nikolov told Bulgarian newspaper Dnevnik: "We have more investors than we need. Everybody wants to take part in the project because of the high returns it provides."
Carmelo Ezpeleta, executive director of Dorna Sports, added: "We chose Bulgaria because it meets our three most important criteria: substantial interest in the project by the authorities, an intriguing project and a new location."
Nikolov believes that the BMF will not need to seek government funding for the project, and added Bulgaria's MotoGP race will be able to call upon the expertise of five-time world champion Valentino Rossi.
"I can not say exactly how much the construction will cost right now because it depends on the location," he said.
"We have Ezpeleta's assurance that world champion Valentino Rossi will take part in the project as its consultant."