A team of Indian officials are scheduled to meet Formula One supremo Bernie Ecclestone [ Images ] around the middle of January to bring the event to Hyderabad.

P.V.Rao, who will lead the team, said: "Discussions are going on and we have to discuss a lot of issues.

"But we are most hopeful. Our chances look pretty good.

"We are aiming for a race in 2007."

A preliminary meeting was held with Ecclestone earlier this month, Rao added.

Hyderabad, an information technology hub and the capital of Andhra Pradesh, has been the front-runner to host a Formula One race after Ecclestone showed interest in taking the sport to India, Asia's third largest economy.

The Andhra Pradesh government has pledged to provide land to build a track besides a new airport.