South Korea is eyeing a return to the Formula 1 calendar with a new street race in Incheon.

Following a financial feasibility study, the proposal to host a race on a 4.96km street circuit around Songdo Moonlight Festival Park has been given the “green light”, according to regional South Korean newspaper Korea Times.

Incheon mayor Yoo Jeong-bok wants a five-year hosting run in the city and stated that an F1 race would be ”a key driver that could reshape the landscape of city branding and the tourism industry”.

The study was jointly conducted by the Korea Industrial Development Institute, and German circuit design firm Tilke, and estimates such an event would generate 580 billion won (£289.8m) in tourism and create nearly 5,000 jobs.

South Korea previously held the Korean Grand Prix between 2010 and 2013 at the Korea International Circuit in Yeongam.

Early plans for the proposed circuit in the neighbourhood of Yeonsu-gu would use existing roads rather than building a permanent track.

Incheon has been pushing to host an F1 race since April 2024 but in launching its pre-feasibility study, it has now taken the first official step in a bidding process.

To progress further, it would require local government backing, before getting the federal government on board.

Following this, a tender would need to put in place a promoter and be reviewed by F1.

Essentially, South Korea has kicked off the process, but things remain at a very early stage.

F1 declined to comment on the reports when approached by Crash.net.

Mercedes team principal Toto Wolff previously backed the prospect of a return to South Korea.

"It has been a little bit of an untapped market for a while now, considering that Formula One has grown very strongly over the last few years, particularly in the younger target group," the Austrian told Reuters last year.

”You know, our fastest-growing demographic is young females from 15 to 24, and they are very active on social media.

"South Korea is an extremely social-media-connected country, so it would be great if we could come back and show how Formula One has changed over the last 10 years."