Formula One, the world's richest and most glamorous racing circuit, may be headed to New Jersey for an event in the shadow of the Manhattan skyline.

The mayors of Weehawken and West New York, N.J., said Tuesday that they are in early stages of talks with a group of investors led by Leo Hindery Jr., a former chief executive of the YES Network, to bring an F1 event to the area as soon as 2013. The race would run on existing streets in these cities, with New York as the backdrop.

The...