Ross Brawn says a grand prix in the centre of London would be "unacceptable".
But the F1 sporting chief thinks his bosses at Liberty Media are interested in a race "on the periphery" of the British capital.
Brawn's comments to the Evening Standard come amid reports Silverstone, the traditional host of the British grand prix, is making a new bid to stay on the calendar beyond 2019.
"I don't think Londoners really need to worry about us taking over the centre of London for a week," he said.
"But there are things on the periphery that are being explored -- not slap-bang in the centre of London but Greater London."
London could be interested. A spokesman for mayor Sadiq Khan said "it should be possible to organise a race in London in the future".
However, Brawn played down fears Liberty Media is trying to replace Silverstone.
"We'd like to see London complement Silverstone, not replace it. We could see ways we could make it work both sides," he said.
