The race in capital city Baku, which will run under the European Grand Prix banner, looks likely to get a July date on next year's calendar.
A 6.05-kilometre street circuit, designed by Hermann Tilke, will weave through parts of the old city, including its iconic Azadliq Square, and run along the seafront.
Baku Grand Prix CEO Arif Rahimov told AUTOSPORT: "All the buildings, grandstands and everything that will make the track will be temporary.
"We're sure we can make it. We have a plan and with construction we're sure this can be done in time.
"One part of the track has beautiful views, running in front of the government house.
"Then there is the other part going around the old city, with beautiful old city walls and historic buildings.
"Then we came up with a track and we are now changing some corners to comply with the FIA requirement of a grade one circuit.
"We now have a full pack that will be sent for homologation. We're just reviewing it now and it will be soon sent to FIA."
Rahimov said the track, with an average speed of around 208kph, will feature a long uphill climb of approximately 1.5km in the old city followed by a sharp drop downhill.
The race is expected to have a grandstand capacity of 19,500 with general admission tickets set to be available for viewing along the promenade.
"It's going to be quite a small track in terms of seating places, we will only have 19,500 grandstand seats," he added.
"We will have a general admission area. That's 2km along the promenade and we will try and squeeze as many people as possible in that area."