Button took part in a demo in Regent Street last year

F1 chief Bernie Ecclestone is keen on a London race and a demonstration event attracted 500,000 spectators last year.

"It would be a good idea to have a race in London before the Olympics as a taster event, to show everyone that London can host a huge event like that.

"Around Hyde Park would be perfect and they could even use the circuit for other activities like the triathlon."

The 25-year-old said he even felt motorsport should become an Olympic sport.

"The Olympic bid is fantastic, " he said ahead of this weekend's British Grand Prix. "I'm really excited. I wish Formula One was an Olympic sport.

"I hope it helps the British Grand Prix as well because there's going to be such a big buzz from all the fans.

"The bid team had David Beckham talking for them and not me but football is an Olympic sport. We should make Formula One an Olympic sport - or even just a parade would be quite good."