Welsh Government ministers face "decision time" as developers behind the Circuit of Wales scheme submit revised plans.
Initial proposals were rejected by the government due to what ministers described as "unacceptable risk". However, developers are confident that they will receive the green light to progress with the project this week.
In April Welsh Conservatives described the decision to reject the plans as "disappointing but predictable", and are now urging the Welsh Government to take a decision before the summer break.
Shadow Economy Secretary, Russell George, said:
"Having asked developers to revise proposals for the Circuit of Wales, it is now decision time for the Welsh Government.
"Clearly ministers need to exercise caution when spending public money, but it is a good sign that local councils are also willing to make a significant contribution to the scheme.
"We now need to see a final decision on this exciting scheme, and the uncertainty cannot be allowed to linger over the summer.
"The Circuit of Wales could create thousands of jobs and attract three quarters of a million visitors to the region each year. It’s a fantastic opportunity for Wales."