Madrid put its Formula One ambitions in writing on Thursday as Spanish capital chiefs declared the city is ready to host future races.
Enrique Lopez, minister of the presidency, justice and interior in the Madrid region, sent a letter to Formula One chief executive Stefano Domenicali in which he outlined the vision.
The Circuit de Barcelona-Catalunya has staged the Spanish Grand Prix since 1991, and the letter from Lopez did not explicitly state Madrid would seek to take over the hosting of that race.
The Barcelona circuit has a contract that runs until 2026.
In recent times, Valencia also staged the European Grand Prix from 2008 to 2012, while the Madrid region has not held a Formula One race since Gilles Villeneuve won in 1981 at the Circuito del Jarama.
Lopez pointed to Madrid's strengths in his approach to Domenicali, mentioning "an outstanding economic and social development in the Spanish and European contexts".
"I believe that holding in Madrid a motor racing event, which is one of the most exciting sporting phenomena of our time, would be a success for all the professionals, institutions and companies involved in the development of Formula 1. Of course, it would also be a satisfaction for the whole region and its citizens," Lopez wrote.
"That is why the government of the community of Madrid has the greatest interest in making it possible.
"In short, I would like to confirm our commitment to you and to this project, as well as our willingness to sign the appropriate agreements to promote the race and offer a great sporting and entertainment spectacle. We are ready to work with you and your team to bring Formula 1 to Madrid."