"We will be having an F1 race in India, for sure. When and where it will be I cannot say," Ecclestone told Indian news magazine 'The Week' in a recent interview.
"India is moving forward very fast. After doing something in China, India is next," he said, adding that he was confident of attracting adequate sponsorship in the cricket-mad country.
China and Bahrain are due to host races for the first time next year. Japan and Malaysia are the other two Asian countries which are part of the championship.
Ecclestone said the southern city of Hyderabad was a front-runner to host an eventual race in India and governing International Automobile Federation (FIA) was in touch with authorities in the regional government.
Hyderabad is an emerging technology centre.
"We have been speaking to intermediaries. So they know the FIA is interested," Ecclestone said, adding that he planned to visit India in the near future to inspect facilities.
India has had Formula One ambitions for some time with FIA president Max Mosley inspecting the country's only race track near Madras in the south a decade ago.
Ecclestone has spoken recently about the likelihood of a Grand Prix in Turkey in 2005 and a possible return to Argentina, which last hosted Formula One in 1998. He also hopes for a Russian race in future.