The company behind the Circuit of Wales development in Ebbw Vale has submitted a new funding proposal to Welsh Government, BBC Wales understands.
Ministers refused to agree to a proposal to underwrite all of the £350m which was being invested by insurance giant Aviva.
The latest deal would involve the Welsh Government underwriting less than half that figure, it is understood.
The new proposals are also believed to involve another £40m private capital.
The new funding proposal has been worked on by the Head of the Valleys Development Company and its chief executive Michael Carrick since the initial deal was rejected three weeks ago.
Mr Carrick has also said in the past that that underwriting would only come into effect if the race track project failed after it had been built and then the Welsh Government would be able to have a call on the assets.
The Welsh Government confirmed it has received a revised proposal and said “detailed consideration” would be given.