Watch Live as NASCAR Makes ‘Major Announcement' in Chicago at 2:30 p.m.

According to NASCAR and Chicago's mayor, the announcement is slated for 2:30 p.m.

NOTE: NBC Chicago will offer a live feed of the announcement beginning at 2:30 p.m. Watch live in the player above

NASCAR is set to make a "major announcement on the future of racing" in Chicago Tuesday.

According to the racing giant and Chicago's mayor's office, the announcement is slated for 2:30 p.m.

The mayor's office confirmed the news conference, which will take place at the NBC Tower, but did not specify details on what to expect.

According to NASCAR, the press conference will feature Ben Kennedy, NASCAR's senior vice president racing development & strategy; Lightfoot; and Bubba Wallace, driver of the No. 23 23XI Racing Toyota in the NASCAR Cup Series, among others.

Rumors have been swirling ahead of the news conference.

According to a report from The Athletic, the city of Chicago is endorsing NASCAR for a three-year run, with a possible event -- a street race -- happening as early as 2023.

A letter obtained by the sports website through a public records request says "Chicago is incredibly enthusiastic about the opportunity to serve as host of the 2023, 2024 and 2025 NASCAR Chicago Street Course events, and we stand ready to welcome NASCAR fans to our world class city."

The letter adds that the city is "committed to collaborating and supporting NASCAR to execute the events in a safe and secure manner."

It wouldn't be the first time a NASCAR series is held in the Chicago area. From 2001-2019, The NASCAR Cup series was held at the Chicagoland Speedway in Joliet on a closed course. However, an opinion piece from The Chicago Sun-Times published on July 14 suggests that new route from the could be held on downtown streets.

And in June of 2021, NASCAR and iRacing held an televised Esports 2.2-mile virtual race through the city, over Lakeshore Drive, Michigan Avenue and near Grant Park.

The announcement also comes one day before the Chicago City Council is set to vote on a proposed ordinance aimed at curbing "reckless," illegal street racing in the city that has "tormented" residents in several wards. The proposed ordinance would permit the Chicago police to "immediately impound a car involved in drag racing," establish fines between $5,000 - $10,000 per offense and more.

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