South Korea has announced that it wants to host a Formula 1 race for the first time since 2013 after unveiling a new circuit design that officials say is financially viable.

The plan would see races held on a five-kilometre street circuit in the city of Incheon, just outside the capital Seoul.

The Korean Grand Prix was part of the Formula 1 calendar at a different circuit in the south of the country from 2010 but was axed after three years because of costs and tepid interest locally.

Incheon city officials said on Thursday their new plan could bring in money and they hoped to draw up to 400,000 visitors over the three-day race weekend.

Incheon Mayor Yoo Jeong-bok told reporters they were aiming to stage the first race in 2028.

The track design was developed after looking at street circuits in Singapore and Las Vegas.