Top level cyclists will race past Leicester's historic sites, through Castle Gardens and along the banks of the River Soar this summer.
The city is to stage the Leicester Castle Classic cycle race on Sunday, August 18.
It is hoped the event will attract elite level teams for the headline race, but amateur cyclists will also have the opportunity to race the circuit with a junior race, corporate challenge, and 'choppers and shoppers' event all proposed.
Full details of the circuit are still being finalised, but organisers have confirmed the two-hour race will take place around Castle Gardens in the city's Old Town, and along the banks of the 'Mile Straight' stretch of the River Soar.
The inaugural event is being run by Leicester City Council and British Cycling.
City Mayor Peter Soulsby said: "British Cycling's success at last year's Tour de France and the London 2012 Olympics has given cycle sport a massive boost.
"It is fantastic that our partnership with British Cycling means that we are able to bring the spectacle of elite-level cycle racing back to Leicester. "
He added: "The Castle Classic bike race is set to be a highlight of our fantastic Summer in the City programme.
"The number of people cycling in Leicester grows every year. This new race, and Leicester's incredibly popular Sky Ride, are both great ways of celebrating this achievement and developing our ongoing commitment to cycling."
Jonny Clay, British Cycling's cyclesport and membership director, said: "This event is a great addition to the calendar and one we hope to see establish itself for the long term in a city with such a rich cycling heritage.
"We're expecting to see all of the country's top domestic teams on the start line when the big day arrives in August."
Races will run from midday until 6pm on traffic free roads, with entertainment, refreshments and lots of opportunities to give cycle sport a go available in the race village.
Eric Ludlow, of the Leicester Cycling Campaign Group and a member of the Leicester Forest Cycling Club, said: "Anything that brings cycling into the city has got to be good.
"We've not seen a race round the city for some time now. It will be a rare spectacle, even for people not that interested in cycling.
"If they've not seen a race before, it will be quite an eye-opener."
Non-racers will also have the opportunity to ride parts of the circuit themselves the following weekend, when Sky Ride Leicester returns to the city centre on Sunday, August 25.
More information about the race, including online registration for racers, will be available at www.britishcycling.org.uk
Leicester City Council and British Cycling will be releasing details of this years' Sky Ride later this month.
In the meantime, people can register for the event at www.goskyride.org/leicester
