Argentina looks set to replace Korea on the 2013 formula one calendar.
That is the claim of Italy's Autosprint magazine, reporting that the Argentinean national government will sign a three-year contract next month.
President Cristina Fernandez de Kirchner said last month that the 2013 Argentine grand prix, last held at the ageing Autodromo Oscar Alfredo Galvez in Buenos Aires in 1998, will take place on the streets of the coastal city of Mar del Plata.
Autosprint now quotes Argentine tourism minister Carlos Enrique Mayer as saying: "The national government accepts the challenge of organising the grand prix of Argentina to promote our country to the world.
"In May, the three year contract between all the parties involved will be signed," he added.
The report said Hermann Tilke will be responsible for the 5 kilometre city layout.
Autosprint also reported that next year's calendar will remain at 20 races, so with the addition of Argentina as well as New Jersey, two current grands prix will need to give way.
One place will likely open up due to a new alternating scheme in Spain, with Valencia to wait until 2014 for its next race.
And Autosprint added: "The grand prix of Korea no longer seems able to honour the financial obligations agreed with (Bernie) Ecclestone."