Silverstone is set to open a new museum at the circuit.
The £20 million facility will receive £9.1 million in lottery funding and will display a number of Grand Prix cars and other artefacts.
British racing legend Sir Stirling Moss has backed the plans, as has new Formula One world champion Nico Rosberg.
"The heritage of the sport is massively important - and it has such an incredible heritage," said Rosberg.
"I hope one day I will be able to go to the centre and see all the stuff there."
Moss, who finished second in the championship four times 1955 and 1958 added: "I think for people who go up there, they'll see what it is all about. See how things started - what has been done."
The British Racing Drivers Club archives will also be housed at the site which will oven in 2019.