Circuit of Wales developers in Ebbw Vale have submitted a new funding proposal to Welsh Government for the massive project.
Welsh Ministers last month refused to agree to a proposal to underwrite all of the £350m which was being invested by insurance giant Aviva.
The latest deal would involve the Welsh Government underwriting less than half that figure, it is understood and are also believed to involve another £40m private capital.
The new proposal will be considered by Welsh Government but that could take a few weeks as the new Senedd is established following Assembly elections this week.
Proposers of the 830-acres scheme say it will bring 750,000 visitors a year to the area and will provide 6,000 job opportunities while associated businesses would create 1,650 training placements in an academy on the site above Ebbw Vale.
Critics claim the figures are unrealistic and over-estimated and point to the struggling established circuits which are competing for events and also say the Circuit of Wales is too far from main centres of population and will suffer from access problems in bad weather.