Formula E cars are set to drive through Birmingham's streets in an event similar to the city's 1980s road races.
The Formula 3000 Super Prix was staged in the city between 1986 and 1990 and attracted crowds of thousands.
Hundreds of people called for its return and in 2014 David Cameron changed the law to allow it.
West Midlands Mayor Andy Street said final negotiations were being held over a UK leg of the global all-electric racing series in 2019.
He said the yearly event would put Birmingham alongside the likes of Paris, Berlin and Zurich and it was a "symbolic" event.
The Conservative mayor added: "This will be the UK's race and it's brilliant that it's here rather than in any other UK city.
"This of course is the centre of the UK's automotive sector and of course that sector is becoming an electric vehicle sector."
He said no deal had yet been finalised, but he was optimistic it would happen and the event would be like the Super Prix.
The Formula E race will not take place in 2022, when Birmingham hosts the Commonwealth Games.
The old Super Prix saw cars travel at up to 200mph along closed city roads and through the tunnels that intersect the city centre.
Years of discussions and campaigning led to the race being permitted via a special act of Parliament until it ended amid financial concerns and complaints from former Labour MP Clare Short.
Mr Cameron's government gave local authorities the powers to suspend speed limits and some traffic regulations in certain conditions. These laws came into effect in April 2017.
Analysis: Andy Knowles, BBC Midlands Today former sports editor
When the Super Prix was first announced in the 1980s it looked like a real coup for the West Midlands - a city centre road race that would put Birmingham on motorsport's world map.
Unfortunately Brum is no Monte Carlo and memories of the Super Prix years are not totally rosy.
Yes it certainly pulled in the crowds, and with it valuable revenue, but the interruption to traffic and inevitable noise alienated many local residents.
The tight circuit on uneven road surfaces was far from ideal for motor racing. Unsurprisingly none of the years passed without some significant incidents.
Torrential rain ruined the first in 1986, causing the main event - the Formula 3000 - to be halted halfway through its scheduled 51 laps, while the 1988 race had two restarts following a massive shunt and a lengthy delay while a crane removed a stranded car.
The final year - 1990 - saw another host of crashes with only 11 of the 30 starters finishing the race.
It's fair to say the Birmingham Super Prix remains a fond memory for motorsport fans - but a nightmare for many locals.
Martin Hone, who pioneered the first Birmingham Super Prix in 1986 - the first ever road race of its kind on British streets - said he wanted to host the original event in Birmingham because of its car manufacturing industry.
"I'm over the moon about the Super Prix's return, our city is absolutely ready to host such an event," he said.
"It's going to do wonders for Birmingham as a city."