Allan Moffat, a board member of the Australian Racing Drivers' Club, said he thought the work could be enough to tempt the Australian Grand Prix away from Melbourne - despite the Albert Park circuit’s recent deal to host the event until 2015.
Speaking to the Australian Daily Telegraph, Moffat said: "Bernie Ecclestone will get sick of Melbourne's refusal to host a night race. We would be in a position to take advantage.
"It would cost three times as much to develop a suitable facility on virgin land. We have the basis for it right here in the middle of Blacktown, Australia's fastest growing area."
As part of the £43 million plan to develop Eastern Creek into a 'super-circuit', the new facility would use more than 70 per cent of the current circuit and would be reversed to run anti-clockwise. Organisers have said that work could be completed in two years.
