A grand prix in the streets of Bangkok was discussed by Chulakasem and Formula One CEO Bernie Ecclestone during a meeting at last week's Singapore Grand Prix, according to The Bangkok Post.
"It will be a city race like that in Singapore and Monaco," Kanokphand told The Bangkok Post. "It will be a night race like the Singapore Grand Prix."
The motorsport series is already planning to add a Grand Prix of America event in northern New Jersey in a bid to include different courses around the world.
The government would likely pay 60 percent of the annual fee, according to Tourism and Sports Minister Chumpol Silpa-archa, with private companies such as Red Bull and Singha chipping in the rest.
The race would be the first championship series event held in Thailand.
Formule One driver Mark Webber carried out a demonstration for the Red Bull team in Bangkok in 2010 which brought out 100,000 people.