A London property developer is said to be in talks with organizers of the 2012 Olympics with a view to using the Olympic Park as an F1 Grand Prix venue.

It is claimed that Anthony Spencer has met with members of the Olympic Delivery Authority (ODA) and that further meetings are planned.

Mr Spencer is proposing that a race be run on a figure-of-eight track using roads built for the games, however, independent experts claim that up to £100m of further public investment would be needed in order to adapt the roads and install the relevant infrastructure.

The idea of a London Grand Prix was first mooted in the early 70s, with former London Mayor Ken Livingstone and Bernie Ecclestone subsequently discussing the possibility at various times from 2004. However, while Ecclestone makes no secret of wanting to see F1 cars on the streets of London, he probably has the iconic chocolate box locations of the West End, City and Knightsbridge in mind as opposed to Stratford, E15.

Insiders claim that the Olympic chiefs - who have yet to find a suitable use for the Olympic Park once the games are over - remain unimpressed with Mr Spencer's proposal, saying that it does not fit in with their legacy concept.