Formula 1 chief executive Stefano Domenicali met with the prime minister of Thailand to discuss plans for a street-circuit grand prix in Bangkok.
Prime Minister Paetongtarn Shinawatra said the government would commission a "feasibility study" into the possibility of a race in the capital from 2028.
There is an existing track in Buriram, in north-east Thailand, which is accredited by the FIA, the governing body for world motorsport.
Domenicali described the plans as "impressive".
Paetongtarn said: "I believe that all Thai people will benefit from organising this event, whether it is large-scale infrastructure investment, job creation, new income generation, and importing new technologies and innovations."
The F1 schedule of 24 races includes four in the Asia-Pacific region.