JLR, which is owned by India's Tata Motors , has been considering turning the site into a "heritage centre" to show off the company's cars alongside its offices, a hotel and visitor centre, British media have reported.
Members of the British Racing Drivers' Club (BRDC), which own the central English track and surrounding land, voted on Thursday evening to continue discussions with JLR, the body said in a statement.
"The potential deal ... would align Silverstone with two premier British brands and put the BRDC on a stronger financial footing," a spokeswoman said.
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Jaguar Land Rover did not immediately respond to a request for comment from Reuters.
JLR could operate the site as an equivalent to locations such as Daimler's Mercedes-Benz World in London, which offers family days including driving experiences, guided tours and simulated rides, raising extra revenue for the firm.
(The story was refiled to correct a spelling in the last paragraph)
(Reporting by Costas Pitas, editing by David Evans)
