Mexico will return to the Formula 1 calendar from 2015, it has been announced.
Formula 1 supremo Bernie Ecclestone revealed on Tuesday that the race, which had been provisionally included on the 2014 calendar, would be held from next year.
Events company CIE confirmed in a press conference on Wednesday that Formula 1 will return to the Autodromo Hermanos Rodriguez in Mexico City after signing a five year deal.
"It is a fact, start your engines, F1 will return to Mexico next year," said CIE president Alejandro Soberon.
"The return of F1 to Mexico is a reality, we are on par with cities like Milan, Abu Dhabi, among others, with the arrival of the event [Formula 1]," added Miguel Ángel Mancera, the mayor of Mexico City.
The area will undergo extensive renovation in order to meet Formula 1 standards, including improved spectator facilities, paddock and pit garages.
It is understood that the infamous final corner, the Peraltada, will not be used and instead drivers will pass through the Foro Sol stadium.
Efforts to bring the sport back to Mexico have been aided by Tavo Hellmund, who helped facilitate Formula 1's race in Austin.
"Ever since Bernie and I began working on a race at Austin, it's been a dream of mine to help Formula 1 return to Mexico," said Hellmund.
"This announcement has therefore been years in the making, but we've gradually been able to assemble all the right pieces. I'm absolutely delighted."
Formula 1 has not raced in Mexico since 1992. It is unclear whether the current circuit layout will have to be adapted in order to meet safety standards.
The race is likely to be held towards the latter end of the season, around the same time as races in the United States and Brazil, and will bring the total number of events to 20.
Formula 1 currently has two Mexican drivers, with Sergio Perez driving for Force India and Esteban Gutierrez lining up at Sauber.