The FIM British Speedway Grand Prix is to return to the Millennium Stadium in 2012 in a new five-year deal.
Next year's Grand Prix will take place on 25 August - the 12th to be hosted at the stadium.
The deal has been struck between BSI Speedway, the Millennium Stadium and the Welsh Government.
"We are absolutely delighted to have been able to extend our contract and commitment to Cardiff," said BSI managing director Paul Bellamy.
"And as ever will look to continue to raise the bar and give fans the most amazing experience.
"This year's meeting was again a huge success and as a city, Cardiff has totally embraced world championship speedway.
"As always we want to ensure fans are getting value for money so as well as the stadium and Welsh Government, we'll once again be working with Cardiff and Co to offer fans booking advance tickets the chance to reserve hotel rooms at reasonable rates.
"This new five-year deal is great news for us, the fans and for Cardiff and we're very much looking forward to another great year ahead of the next FIM British Speedway Grand Prix."
Speedway has now held 11 Grand Prix going back to 2001.
And Wales' First Minister Carwyn Jones believes the event has become a major event in the Welsh capital's sporting calendar.
"I'm delighted that we are able to announce a funding package for the BSI Speedway Grand Prix for 2012-2016 which will give stability for the event to grow and prosper in Wales," said Jones.
"The event attracts visitors from outside of Wales to Cardiff and provides a significant economic boost to the city and this year, the event was televised in 140 territories, giving Wales' profile a major boost.
"This support secures the event to be held at the Millennium Stadium for the next five years as it is an important fixture for the summer season in the city."