The BRDC has been allocated lottery funding towards their 'Silverstone Heritage Live' project, which will bring Silverstone's history to life.
The British Racing Drivers' Club (BRDC) is bidding for £9.1 million towards the project and earlier this week where granted initial funding of £446,068.
The Heritage Hub will be located at the entrance to the Northamptonshire circuit and will including a "heritage trail and live interactive experiences" of Silverstone's history. It is planned to be open in 2016.
"We are very proud to have won this grant and are extremely excited about the project," BRDC chairman Stuart Rolt.
"The BRDC and Silverstone have played an important part in the history of British motor sport, and the Silverstone Heritage Hub will give us an opportunity to share this with motor sport fans from around the world.
"The experiences, memories and collections of the BRDC Members, fans and others associated with the sport provide a unique resource with which to tell the compelling story of Silverstone and British motor sport, and we believe the Heritage Centre will increase our visitor number by over 300,000 each year."