"We have the approval of the city council, the regional government, the provincial government and of Ecclestone too," Maurizio Flammini was quoted as saying by Saturday's La Gazzetta dello Sport.

Flammini, a former Formula Two driver and world superbike promoter, said final plans for a race in the EUR district on the outskirts of the Italian capital would be presented to the Rome city council by the end of March.

"There are 150 million (euros ($192.9 million) available) to set up the first edition in 2011 or 2012," Flammini said.

"It could be the response to the 2015 Expo in Milan. But I must have the guarantee (to hold) four editions (of the race) minimum."

Flammini said Ecclestone had promised that the Italian Grand Prix at Monza would continue to be staged if plans for a street-circuit race in Rome came to fruition.

International Automobile Federation (FIA) president Max Mosley is unenthusiastic about the idea, while Ferrari president Luca di Montezemolo said a Rome Grand Prix would be unthinkable unless it was a one-off.

"I hope to meet the Ferrari president, Mosley and Ecclestone soon to show them the details of the event," Flammini said.