The race through the streets of London would see cars going fast against a backdrop of notable landmarks. Doubtless even on a miserable grey London Sunday, the grand prix would sparkle.
Bernie Ecclestone is supposedly on board, and if you want to get things done, having the 81-year-old on your side is advisable.
But F1 supremo in your corner or not, there are reasons to watch developments warily.
Street races (the last Valencia GP excepted) are getting more criticism than ever before for a lack of overtaking. There are numerous health and safety, planning and staging hoops to jump through. There’d be all manner of investment required to get the project off the ground.
Here, it is believed that Ecclestone would help, prepared to waive the £30-35m staging fee that grand prix circuits pay to get London up and running.
But here’s where the waters get murkier still.
Nations and tracks are falling over themselves at present to host races, and they are paying heavily to do so. What will their reaction be when it turns out that some circuits don’t have to pay and others do?
Venue promoters have recently formed an association so that they can bargain en masse and stand up for one another – if London were given this leg-up, it would surely not go unchallenged.
The finances would be one sizeable bone of contention, but the perhaps a bigger issue still would be the position of the race which is approaching this weekend.
The British Grand Prix has, since 1987, been held annually at Silverstone.
Exactly four years ago today, with the circuit outdated and its transport links abysmal, its future had never looked bleaker – it had just been announced that Donington Park had been handed the rights to stage the British GP for 10 years beginning in 2010.
In the event, the work required to bring Donington up to speed were more ambitious still than that needed to repair Silverstone. The Donington contract fell through; Silverstone was given a 17-year deal to host the British Grand Prix (which expires in 2026), and with those reassurances an impressive redevelopment plan kicked into gear.
The circuit has been redesigned, the impressive Wing building has been completed, and the race has come a long way.
But if you want a London Grand Prix, then Silverstone will almost certainly have to go.
The calendar is already 20 races long, a record, and a mark that has been publicly acknowledged is the maximum that teams can manage with for time and budget reasons.
New Jersey is expected to feature in 2013, Sochi in 2014 or even 2015 – and other countries, such as Argentina and France, are serious about returning to the sport.
If a London Grand Prix is shoehorned into the rotation, the pressure would be almost unbearable for it to come at Silverstone’s expense. And is Silverstone a price worth paying for it?
That may well be in the back of the organisers’ minds as the weekend’s racing kicks off in Northamptonshire this Friday - but they’ll also be optimistic.
They have their long-term contract, the circuit seems more popular than ever with the teams, and they’ll know that however much will there is to have the race in London, it remains several years away before it could ever be feasible.
Would you rather see a grand prix at Silverstone or London? Have your say in the comments box below.