Members of the group led by Italian Fabio Montecalvo are already believed to have secured 200 million Euros in investment for the project, which has begun a push to build up the further support required to make it a reality.

Montecalvo is president of sports marketing company FM Communication and it is understood he has backing from businessmen Ahmed Al Alaija and Naijd Al Khalifa.

The hope is for a street race around the Fiera del Levante area of Bari, which will include a stretch running alongside the sea front.

Part of the dramatic plans will include the construction of a grandstand and Paddock Club hospitality areas floating on the water.

Although Bari is on the Adriatic coast, the Mediterranean GP idea is understood to be one favoured as a bid of promoting countries in that region.

Roadshow events

Representatives of the Montecalvo group met with Ecclestone at the Monaco Grand Prix to discuss the idea, and have held their latest promotional event in Austria this weekend to drum up further interest.

They are holding an international roadshow, called '#BeatochimiPuglia!" to promote the race and explain the plans. It held its first event at the Monaco Grand Prix and had another stop in Austria this weekend.

Bari is no stranger to F1 and held grand prix races for sportscars and Formula 1 on a street circuit in the city between 1947 and 1956.