The Daily Telegraph reports the BRDC, which owns the circuit, will next month discuss plans for developers St Modwen to revamp the 800-acre site.
But a group led by former British F3 champion Harry Stiller has attacked the plans and wants to put forward an alternative to the proposal.
"We are being asked to vote on a development which puts our club in jeopardy," he said.
The St Modwen scheme is thought to include a radical overhaul of Silverstone's facilities and the introduction of hotels and other attractions.
St Modwen would require a 150-year lease.
Stiller's group alleges a lack of transparency in the negotiations that led to the appointment of St Modwen.
It believes that an agreement, which signs away the club's rights for 150 years, puts both Silverstone and BRDC at risk.
Instead it wants a deal that will keep Silverstone in the hands of the members, without needing to sign away the rights to the Northamptonshire site in a lease agreement.
