The Circuit of Wales said that Rebecca Evans, deputy minister for farming and food in the Welsh National Assembly, had approved the de-registering of common land into private ownership.
The Heads of the Valleys Development Company (HOTVDC) behind the planned 250 million pounds development said financial backers were completing due diligence, after which a detailed construction schedule would be published.
"The Circuit of Wales has the ability to generate thousands of employment opportunities, attract greater long-term investment and deliver regeneration into... South Wales," said HOTVDC chief executive Michael Carrick in a statement.
Martin Whitaker, who managed the Bahrain International Circuit and has worked for the International Automobile Federation and F1 supremo Bernie Ecclestone, will be the circuit's chief executive.
Silverstone hosted this year's British MotoGP, and also has a contract for next year, after Donington Park pulled out of an earlier agreement with the Circuit of Wales.
MotoGP's commercial rights holders Dorna announced in August 2014 that the Circuit of Wales had signed a five-year deal to host the British round of the championship from 2015.
(Reporting by Alan Baldwin, editing by Ken Ferris)
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