The new 75 percent owners of the Hockenheim circuit say they are proceeding with "great caution" in trying to revive the German GP.
In April, investment group Emodrom revealed that "five medium-sized companies" had purchased most of the historic Formula 1 circuit for EUR 5.5 million - also making them responsible for about 20 million euros in debt.
Die Welt newspaper now says the local council has finally approved the deal.
"Of course we are also thinking about Formula 1," said Emodrom Group’s managing director Tim Brauer.
"We will not embark on any financial adventures, but we will also try to find models for how we can bring Formula 1 back to Germany," he added.
Hockenheim’s last grand prix was held in 2019, and F1 CEO Stefano Domenicali has said multiple times since then that the sport is keen to return.
"We have never broken off contact and talks with Formula 1," explained Hockenheim boss Jorn Teske, "but we are taking things slowly and seriously. We have to make sure that we do not run a deficit.
"That is why we are initially concentrating on other projects. We are thinking in cycles of 20 to 25 years - not on the short term."
Winning over Domenicali and F1 owner Liberty Media, however, would almost certainly require investment to dramatically upgrade the Hockenheim facility.
"I have already been in contact with the new investors," revealed Hermann Tilke, the most well-known Formula 1 circuit designer. "It would be great if we could hold a Formula 1 race there again in Germany.
"But Formula 1 today requires additional criteria, not just a decent race track. Instead of 2,000, you now need at least 4,000 to 5,000 VIP seats, fan zones, space for concerts, tents, kitchens and so on."
Tilke estimates that a new pit building alone could cost the track 50 million euros.
"There would be enough space for it," he explained, "and the track itself is absolutely suitable for Formula 1."