F1 CEO Stefano Domenicali has visited Colombia as the country attempts to join the bustling calendar.
The sport currently only features one South American round on the calendar with Brazil hosting the São Paulo Grand Prix.
Despite the schedule at breaking point with 24 races slated for next season, though doubts remain over China's return as the threat of Covid lingers, interest remains across the globe for a spot on the calendar.
Events such as a return to South Africa at Kyalami have been well-documented, but Domenicali has recently made a trip to Colombia as a race, proposed for the seaport city of Barranquilla, is being pushed for by the local government.
Mayor of the city Jaime Pumarejo has given details behind the proposed event, suggested to be called the Caribbean Grand Prix, and is reported by El Heraldo as saying: "The process is progressing favourably, but there is still a lot of work to be done.
"We are still there, that is to say, it is a real, palpable possibility; it is a financially sustainable project that brings investment to the city by being promoted by the private sector.
"It is not yet a reality, but we are in the race and we hope to reach the finish line. We don't want to raise false expectations yet.
"If it is signed, we could be talking about 2024 or 2025 (the race would be held in Barranquilla) and it would be signed, hopefully, for 10 years."
Suggesting proposed circuits have been selected, Pumarejo added: "Two semi-urban routes have been identified and approved, a plan A and a plan B. In one of the routes, the river is the main protagonist, but both are within the metropolitan area."
GPFans understands that whilst an approach has been made and listened to by F1, no concrete plans yet exist.
It is also understood that whilst the project is tilted from 2026 onwards, a deal is currently unlikely.