FORMULA ONE owners Liberty Media have been given the green light for a show run in London on Wednesday.

Chiefs have been staying tight-lipped over the actual plans amid security fears and complicated logistics in the capital.

4 Formula One is coming to London this week Credit: AP:Associated Press

4 F1 stars will gather for a spectacular show in Trafalgar Square on Wednesday Credit: AP:Associated Press

However, SunSport understands that permission has now been granted to host the F1 spectacle a day before the British GP at Silverstone.

The majority of F1 teams, including their drivers, are expected to take to the streets around Trafalgar Square in London.

There is also a proposed demo run around Whitehall from 5pm on Wednesday - with streets closed off to normal traffic.

Fans will also be able to get to see some historic F1 cars while there are also free concerns and further demonstrations.

The showpiece comes a day after Silverstone chiefs are expected to announce that will break their contract with Liberty to host the British GP beyond 2019.

On Sunday speculation in the F1 paddock was growing that Liberty could now line up a bid to buy Silverstone from their current owners, the British Racing Drivers' Club.

4 Fans will be able to get up close and personal with the teams Credit: Getty Images

4 The event is taking place ahead of the British Grand Prix at Silverstone Credit: Getty Images

The BRDC would be allowed to keep their clubhouse while Silverstone would be used as a host venue for F1 events and testing.

It would also safeguard the race's future in a huge boost to British racing fans.