Formula 1 on London streets? PIC: Yui Mok/PA

London could get its own Formula One race if early plans get the green light.

F1 supremo Bernie Ecclestone mooted the idea of a race in the capital.

Famous landmarks like Buckingham Palace and Trafalgar Square would feature in the circuit.

It is estimated the cost of hosting the three day event would be £38m.

But up to £100m in revenue could be pour into the city’s coffers – an appealing idea in the current economic climate.

Mr Ecclestone told The Times: “With the way things are, maybe we would front it and put the money up for it.

“If we got the OK and everything was fine, I think we could do that... It would be fantastic, good for London, good for England - a lot better than the Olympics.”

London Mayor Boris Johnson issued broad support for the scheme.

“I am always interested in projects that attract jobs and bring growth,” he said, also sounding a note of caution.

“The question of air quality and noise impact will have to be looked at. I am broadly positive providing we can satisfy the air quality and noise issues.”

F1 cars can reach speeds of up to 180mph and emit a high pitched screech at full throttle. In a heavily built-up environment like London, the impact could be ear-splitting.

London Assembly Green Party member Darren Johnson labelled “completely unsuitable.” an F1 race in the capital city.

“Bernie Ecclestone’s proposal is a terrible idea at a time when we want to make our streets safer and more pedestrian and cycle friendly,” said Mr Johnson.

“Formula One should stick to the dedicated race tracks and leave our streets for ordinary Londoners to enjoy. I hope the Mayor joins me in opposing this idea, which is completely unsuitable for London.”