The event, which would attract thousands of people to Arlington Heights, would be a boom to hotels and restaurants near the track, with one track official predicting an economic impact into the tens of millions of dollars.
A number of details, however, need to be finalised before Arlington is confirmed as host.
"The reason for no finality is due to the type of commitments needed from the (Illinois) state and local governments," said Breeders' Cup spokesman Damon Thayer.
The Breeders' Cup Ltd board of directors has also announced a conditional rotation of tracks to host future Breeders' Cups through 2005.
Arlington leads off in 2002, followed by Santa Anita in Arcadia, California; Churchill Downs in Louisville; and Lone Star Park in Grand Prairie, Texas.
This year’s races will be held on October 27 at Belmont Park in Elmont, New York.
Arlington Park has been named as the “conditional” host of the 2002 Breeders' Cup World Thoroughbred Championships after Breeders’ Cup Ltd approved a tentative schedule through 2005.
