The Brazilian Grand Prix will move to a new purpose-built circuit in Rio de Janeiro from next season, the country’s president has declared.

Sao Paulo’s Interlagos circuit has hosted the Brazilian GP since 1990 but the event is set to switch venues to a new Rio location that could be named after three-time world champion Ayrton Senna.

President Jair Bolsonaro revealed a deal had been signed at a press conference on Wednesday.

He tweeted: “After our victory in the elections, Formula 1, which would leave Brazil, decided not only to remain, but also to build a new race track in RJ [Rio de Janeiro], which will have the name of the idol Ayrton Senna.

“With this, thousands of jobs will be created, benefiting the economy and the population of the state.”

The circuit - which according to Bolsonaro would be built without public money - is in line to be completed before the end of this year.

F1 previously raced in Rio at the now defunct Jacarepagua circuit in 1978 and again from 1981 to 1989.

The track was demolished to pave the way for the Olympic Park, which hosted a number of events during the 2016 games.

Hermann Tilke is set to be involved with the design of the new Deodoro-based circuit.