Long Beach officials are considering bringing Formula One back to the Californian street venue, with a vote expected to take place on Tuesday.
Currently, the famous venue hosts an IndyCar event annually, but that contract comes to an end in 2015, which could open up the possibility of bringing F1 to the venue for the first time since 1983.
According to Autosport, the discussions revolve around an approach by F1 boss Bernie Ecclestone to Long Beach City Council mayor Bob Foster last year.
Chris Pook, who was responsible for initially organising the Long Beach Grand Prix in 1975, is rumoured to be involved with Ecclestone's proposal.
Ultimately, the deciding factor in whether a F1 return to Long Beach would be possible is a financial one.
The sanction fee for an IndyCar weekend is about two million US dollars, but for F1 it is considerably more.
Furthermore, the venue currently doesn't meet F1 standards and the track as well as surrounding facilities would need to be upgraded.
Long Beach hosted Grands Prix for six more years after the initial race in 1975, before switching to CART and later IndyCar.