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The United States Grand Prix will return to the Formula 1 calendar in 2012 after a deal was struck for a race to be held in Austin, Texas.

Following weeks of speculation about the potential return of a race in America, F1 supremo Bernie Ecclestone announced on Tuesday night that the event will take place from 2012 to 2021 on a new purpose-built facility in Austin.

Ecclestone said: "For the first time in the history of Formula 1 in the United States, a world-class facility will be purpose-built to host the event.

"It was thirty years ago that the Formula 1 United States Grand Prix was last held on a purpose-built permanent road course circuit in Watkins Glen, NY (1961-1980), which enjoyed great success.

"Since then, F1 has been hosted by Long Beach, Las Vegas, Detroit, Dallas and Phoenix all on temporary street circuits. Indianapolis joined the ranks of host cities in 2000 when they added a road course inside the famed oval.

"Lewis Hamilton won the last F1 United States Grand Prix in 2007, signalling the end to eight years at Indianapolis Motor Speedway. This however, will be the first time a facility is constructed from the ground up specifically for F1 in the US."

The deal with Ecclestone has been put together by promoters Full Throttle Productions, and its managing partner Tavo Hellmund.

Speaking about the deal, which comes after speculation of events in New Jersey and New York State, Hellmund said: "This is a case of the right timing in the right place. As many Americans know, Austin has earned a reputation as one of the 'it' cities in the United States.

"We are extremely honoured and proud to reach an agreement with the F1 Commercial Rights Holder. We have been diligently working together for several years to bring this great event to Austin, the State of Texas and back to the United States. All parties involved have a great amount of trust and confidence in each other and are committed to establishing the Formula 1 United States Grand Prix in Austin, Texas as a prestigious global event."

No details have yet emerged about the track layout, or whereabouts in Austin the venue will be built.