It may only be wishful thinking on our parts, we’ll admit. After all, CarEnvy.ca is “Home of the Canadian Car Enthusiast,” and as such, we’d have to be completely nuts to not ardently hope for Formula One to make its triumphant return to the Circuit du Gilles Villeneuve, wouldn’t we?

Well, it’s looking more and more like that might actually happen.

The Star is reporting some exciting new developments in this story today. Much like the proposal that was turned down in April, this current one boasts the support of the federal, municipal, and provincial governments. Unlike the last one, it will address many of the concerns that Ecclestone previously raised about the viability of the race at Montreal, as well as allegations regarding a previous debt owed to F1 by race promotor Norman Legault.

Ecclestone has said that for the race to return to Montreal, a total amount of $175 million over the course of five years will be necessary; the previous proposal made by Montreal in April offered $110 M over the same length of time. It remains to be seen whether the new proposal will be acceptable, but we’re still keeping our fingers tightly crossed. After all, the Turkish Grand Prix debacle can only serve to enhance Montreal’s chances of a triumphant return, right?

[Photo: The Canadian Press]