After much hype and negotiation, Mexico looks set to rejoin the F1 schedule from next season.

F1 ringmaster Bernie Ecclestone confirmed as much following lengthy discussions with long-time friend Tavo Hellmund who, having kick-started F1's return to the USA with the creation of the Circuit of the Americas in Austin, wants to bring the sport back to Mexico.

Several potential venues, including the holiday resort of Cancun, have been mooted for the race, but it looks likely to take place at the Circuit Hermanos Rodriguez in Mexico City, which hosted the most recent iterations of the event between 1986 and 1992.

"I'm happy to announce we've concluded an agreement to have a race in 2015," Ecclestone said, "Don't miss this race!"

Mexico's return to the schedule comes hot on the heels of two drivers - Sergio Perez and Esteban Gutierrez - breaking into the top flight. The return has taken some time to come to fruition, and even now remains subject to final negotiations, particularly with regard to the condition of the circuit, which currently falls short of F1 standards despite its history with the sport. The race was featured on the provisional 2014 calendar, before being dropped when it became apparent that the necessary remedial work could not be completed in time.

The Mexico City venue hosted its first F1 race as long ago as 1963 and has enjoyed two lengthy spells as a fixture on the calendar, but now requires a substantial upgrade of facilities before it can welcome the circus back next year. Nigel Mansell won the last Mexican Grand Prix for Williams in 1992.

"Ever since Bernie and I began working on a race at Austin, it's been a dream of mine to help F1 return to Mexico," Hellmund admitted, "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."