An all-new street circuit is set to be built for the Grand Prix of Arlington with the homes of the Dallas Cowboys NFL team and Texas Rangers MLB team as the backdrop.

The event is a combined effort between IndyCar’s owners Penske Entertainment, the Dallas Cowboys, and REV Entertainment.

The proposed circuit layout will be revealed on Wednesday (AEDT).

“Through a truly remarkable and innovative partnership, we’re going to build racing’s next global spectacle,” said Roger Penske, Penske Corporation chairman.

“Everyone involved is fully committed to delivering an incredible and unique event weekend for the city of Arlington, anchored by the stars of the IndyCar Series.

“We’re grateful to the Cowboys, Rangers and REV Entertainment for entering into this partnership with us, and, of course, to Arlington’s leadership team for their excitement and ongoing support.”

The event has been endorsed by the respective NFL and MLB big wigs.

“We are thrilled to join forces with the Texas Rangers, Penske Entertainment, and the city of Arlington to bring Grand Prix racing to the streets of the Arlington Entertainment District,” said Jerry Jones, Dallas Cowboys owner, president, and general manager.

“The collaboration between our organisations will make the IndyCar Grand Prix of Arlington special, providing a unique IndyCar Series race experience for fans attending, while also creating a showcase with our friends at FOX and those watching around the world.

“An event of this magnitude is another great reflection of what we imagined over 15 years ago that AT&T Stadium could be a part of.”

Neil Leibman, Texas Rangers chief operating officer added, “Today is a historic day for the Texas Rangers and REV Entertainment.

“We are proud to be at the forefront of the IndyCar Grand Prix of Arlington alongside such esteemed organisations in Penske Entertainment and the Dallas Cowboys.

“This event will set a new standard for the Arlington Entertainment District, and we look forward to welcoming fans from around the world to experience what Arlington has to offer.”