Leading businessman Vijay Mallya said after signing a sponsorship agreement between his Kingfisher Airlines and the Toyota team that he was confident the sport would come to the sub-continent.
"It has always been my dream to bring Formula One to India," he told a news conference on the sidelines of the launch of Toyota's new TF107 car.
"The government of Delhi I think really wants Formula One in India and I am optimistic that maybe we will be able to host our first race in 2009."
The Briton is keen to expand the sport's reach further in Asia, with South Korea already promised a grand prix for 2010 and Singapore hoping for a street race as well.
India, with a booming economy and more than 500 million people under the age of 20, is a strong candidate. The country had a first Formula One driver in Narain Karthikeyan, now a Williams tester, in 2005.