Mexican GP set for 2013 return
Marca reports that the race will take place at the Hermanos Rodriguez circuit in Mexico City, which was the scene of the last Mexican grand prix in 1992.
The report said the race is backed by many of Sauber driver Sergio Perez's sponsors, including Telmex, Interproteccion, Tequila Cuervo and Mexico's tourism ministry.
"They are willing to support the grand prix, which will replace Valencia," wrote Marca journalist Jose Maria Rubio.
The report said the necessary bodies and the president have approved a contract with Bernie Ecclestone for an initial period of five years.
"Refurbishment work on the circuit should begin as soon as the elections happen (in July)," revealed Rubio. "Everything should be ready for the race mid next year".
Mexico 1992, won by Nigel Mansell, was Michael Schumacher's first of 154 career podiums.