The company behind Dubai's Autodrome, China's planned Zhejiang Circuit, and upgrades to Sydney's Motorsport Park will design a second circuit at the famed Mount Panorama racing precinct in Bathurst.

The UK-based Apex Circuit Design has been awarded the $3.7 million tender to design the Velocity Park precinct, toppling an Australian and Italian company for the contract.

It also built Auckland's Hampton Downs circuit in New Zealand and has designed multiple facilities and circuits across the world from Spain to Thailand.

"They have a long, long history of designing quality racing circuits," Mount Panorama Second Track group spokesman Lachlan Sullivan said.

The second circuit is set to make way for motorcycles to again race in Bathurst, which has been dubbed the original home of the Australian Motorcycle Grand Prix which was held in nearby Yetholme in 1914.

"We have had a long-established goal to bring back the bikes to Bathurst and this circuit will bring back motorcycle racing to Bathurst," Mr Sullivan said.

The second track will aim to attract motorcycle fans, which will provide a major economic boost. ( AAP: Mark Horsburgh/Edge Photographics )

The track will be located to the south of the existing iconic track which hosts the Bathurst 1000 each year.

It will be complemented by other plans for a go-karting track with the precinct set up to host events every week of the year for a variety of motorsports, expected to host 50,000 spectators at any one time.

It will have approval from the two peak governing bodies, the International Automobile Federation (FIA) and International Motorcycle Federation (FIM).

Major motor precinct vision a 'way off'

The project has been given $15 million from the New South Wales Government and $10 million from the Commonwealth, with more expected to be given to meet the large price tag which could blow out.

"We will just wait and see what happens. The estimate is $50 million but it could go further," Bathurst Mayor Graeme Hanger said.

Racing diehards will be waiting some time before the bold plans became a reality with the design expected to take more than 18 months.

"We are a way off, but we are starting. This is the beginning of a track that may take up to three years before we are driving on it, maybe even longer," Cr Hanger said.

The Council said it would be continuing negotiations with both the state and federal governments about further funding as the project progressed.