Real Time Race has been developing a system that places players side-by-side with the drivers in real races.
The firm's technology would map the circuit just before the race so the virtual track would match up to the one on TV.
The video recording of the track would then be manipulated by the gamer during live coverage.
This data would then be streamed to the player's computer or straight to a television via the internet.
"We can put you in your own car, within real TV coverage of a real race, and in real time against the professionals," said Chris Leigh, the company's head.