The Red Bull Ring in Austria is a possible venue for the 20th F1 race in 2013, according to Helmut Marko.
An updated FIA calendar last week revealed that July 21st is being kept free in order to host a European event.
A return to Istanbul Park appears likely, but it is not known whether the race could be funded.
F1 last raced in Austria at the A1-Ring in 2003. Since that race, the circuit has undergone development after falling into a derelict state before its acquisition by Red Bull.
"We have made the FIA aware that the Red Bull Ring has a fully updated Formula 1 licence", Red Bull advisor Helmut Marko told Austrian newspaper Salzburger Nachrichten.
There are issues with hosting a sport such as Formula One at the Red Bull Ring, most notably its comparatively rural location and a lack of accommodation for travelling fans and the F1 circus. The circuit's capacity of 40,000 is also lower than many tracks.
Marko dismissed such concerns, saying "It managed in the 1970s and 1980s. And we have a full amount of hotels in Graz", a city located 50 miles away from the circuit.
Marko also said that in a period of austerity across Europe, funding would be made available for a race. "There is the province of Styria, the Republic of Austria", he added.
DTM raced at the Red Bull Ring in 2012, with concerns over the size of the media centre; "No problem can be expanded", added Marko.