It is understood that after much speculation, Bernie Ecclestone has agreed terms for India to host a round of the World Championship from 2009 in New Delhi.

Speaking at a press conference this morning, Suresh Kalmadi, president of the Indian Olympic Association (IOA), said: "We have received a letter in this regard from Bernie Ecclestone, CEO of Formula One. The IOA will be the promoter, the first event of which will be held in 2009."

Although the Grand Prix and The Olympics are quite separate events, Kalmadi said that the IOA's involvement is part of its programme in bringing as many world class sporting events as possible to New Delhi ahead of its staging of the 2010 Commonwealth Games.

The Grand Prix deal is conditional on the organizers having an FIA approved venue, which according to Kalmadi, will be a purpose built track close to the city. He was adamant that the event will not be a street race.

"The IOA will be a promoter of the event and it will be our responsibility to raise the necessary finances though government and private funds," said Kalmadi.

The announcement comes as Bernie Ecclestone prepares to begin negotiations with the Indianapolis Motor Speedway and various other interested parties with regards the future of the United States Grand Prix. This weekend's race is the last under the current contract.

Valencia and Singapore join the calendar in 2008, while India now joins Abu Dhabi and South Korea on the 2009 schedule.

Further details regarding the India GP will be made available as we receive them.