CRAIG Lowndes will have a chance to smash his own Bathurst lap record - in a Formula One car.

Moves are underway for V8 Supercars' Team Vodafone star Lowndes and former Formula One champion Jenson Button to swap cars and race around the famous Mount Panorama street circuit in the lead-up to the Melbourne Grand Prix.

Vodafone, who sponsors both Lowndes' Triple Eight Racing and Button McLaren Formula One team, have lodged an application with Bathurst council, seeking permission for the one-off event.

"It would be incredible if it all comes off," Lowndes said.

"It would be a dream to drive a Formula One car anywhere let alone Bathurst. It would just be awesome and fingers crossed we can do it."

Lowndes, who has never driven a Formula One car their top speed is around 350km/h said he could break his own record of 2.06.80 in Button's car.

Lowndes broke Greg Murphy's long-standing record last year but is tipping it will again come under threat with a car that is almost 800kg lighter than a V8 Supercar and more powerful. "You would be very disappointed if you couldn't go sub-2.06 in a car like that," Lowndes said.

"I just have to try and get my head around what it is going to feel like because I have no idea." Lowndes admitted the prospect of driving an F1 car around Mount Panorama was "nerve racking".

"I have already told the boys that if Jenson can get the thing around in one piece than I will have a crack," Lowndes said.

"It is going to be quite interesting going through the Dipper in one of those cars. I have driven a Formula 3000 before but nothing like this. It would be a huge opportunity and a thrill to drive it around the mountain.

"It will absolutely launch coming down the back of the mountain."

Fellow champion V8 driver Jamie Whincup described his ride in a McLaren at Albert Park as one of the most memorable moments of his life.

"Jumping into a Formula One car is almost like going into space, or flying a fighter jet. It's right up there with the best thing I could ever do," he said.