As FOM looks to expand the F1 calendar, with a particular focus on street tracks in iconic cities, a consortium led by Danish business magnate Lars Seier Christensen is seeking to run a Grand Prix on the streets of Copenhagen.

Indeed, following a visit by track designer to the city earlier this year, and with the backing of former MP Helge Sander, FOM has given provisional approval to the venture.

According to Jyllands-Posten, the 4.5 km (2.79 miles) track would include a corner in front of the Christiansborg parliament, a 300 km/h (190 mph) straight over the Knippelsbro bridge and a fast stretch along the Slotsholmsgade road behind the Børsen stock exchange. In including a section that would take in the Langebro bridge, the circuit would see cars driving over two bridges.

"The track we have submitted to Formula 1 in London is not with complete certainty the final version," Sander told Jyllands-Posten, "but it is the basis, and if there are any changes they will be minimal.

"The track has been approved by Hermann Tilke who also had questions and ideas for adjustments. But that is something we will look at on an ongoing basis," Sander told Jyllands-Posten.

"The track could be the basis for a fantastic race," enthused Kevin Magnussen. "It could end up being similar to the Grand Prix in Baku, there will be some extremely long straights where cars can reach top speeds and some intricate sections that will be technically difficult. But I think the most interesting aspect is the surroundings – drivers will race right by Christiansborg and Tivoli.

"There will be incredibly beautiful surroundings, maybe the most beautiful of all Formula 1 tracks," he continued, though he confirmed that the locations of the finish line and pit lane have not yet been agreed.

Looking for inclusion on the 2020 schedule, it is understood the race would cost around 300 million kroner (£38.8m).

"We need to qualify our budget so that we can secure the capital needed to organise a Formula 1 race," said Sander. "The next six months will contain a year's worth of work in which many things must be secured, since we now have a number of formalities resolved. We must also start negotiations with the government which has given its in-principle backing to Formula 1 in Copenhagen," he said.