Formula One would will return to Austria next season, to be held at the Red Bull Ring in Spielberg, Styria.
The racing track, situated within the spectacular backdrop of the Austrian alps was a favourite amongst drivers and fans alike until it was scrapped in 2003.
Owners Red Bull have been developing the circuit since 2008, making it available for the 2011 DTM season.
There were rumours that the Austrian would be part of the F1 calendar this season after the New Jersey track failed it's deadline; however, that did not happen.
In a statement released by Red Bull, the company told the media that owner Dietrich Mateschitz had agreed a deal with F1 CEO Bernie Ecclestone.
The event will take place on the weekend of July 6.
The Austrian GP will join the calendar along with the New Jersey GP and the Russian GP subject to FIA clarification.
The last two races at the formerly-known A1 Ring were won by Michael Schumacher, although the 2002 GP was marred by the controversial pass Schumacher made on his partner Rubens Barrichello, under team orders.
This addition, puts a lot of uncertainty over the next year's calendar, with a possible 22 races already penciled in. Teams have however, already stated, they have a 20 race cap for a season.
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