South Korea is pegged to host a new F1 event after a deal was signed today between Formula One chief Bernie Ecclestone and the province’s leader, Park Joon-young. The new location of South Jeolla, 240 miles (385km) south of Seoul will host the event starting in 2010 for a period of seven years. However, the 3.4-mile (5.45km) track, which is nearing completion, is yet to be approved by FIA.

South Korea’s previous bid to host the F1 back in 1996 failed because the proposed site for the race was never developed. The current deal was organised between the Korea Auto Valley Operation (KAVO) and the Jeollanam-do government plus F1 promoter company M-Bridge Holdings. An earlier bid in 1996 was aborted because a site for the race was never developed.

This is the latest move by the F1 community entering new markets alongside other recent new locations including China, Bahrain and Turkey. This announcement came just a day after Michael Schumacher came first in the Chinese GP in Shanghai.