The President added: "After our victory in the elections, Formula One, which was leaving Brazil, decided not only to stay, but also to build a new race circuit in RJ, which will be named after the idol Ayrton Senna".
This year's Brazilian Grand Prix is once again scheduled to take place at the 15-turn, 2.677-mile (4.308-kilometer) Autodromo Jose Carlos Pace road course in Sao Paulo, Brazil.
"Interlagos is the only circuit in Brazil that is certified for a Formula One race", it said.
The race is now held in Sao Paulo, but Bolsonaro says it has become unviable to put on there, mentioning "huge debts".
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Bolsanaro went on to further outline the plans via his Twitter account, stating that F1 will be involved in the Deodoro development, which will bear the name of F1 legend, and three-time world champion, Ayrton Senna. "With this, thousands of jobs will be created, benefiting the economy and the population of the state".
Rather than leave F1's home in South America, it is returning to a former host city in Rio de Janeiro at a brand new circuit that will be built in the Deodoro district over the coming year.
The future of the grand prix at its current venue, Interlagos, was in doubt, and although a contract exists to keep the race there until 2020, Bolsonaro said it was "no longer viable" as it relied on funding from the local government. The site was previously used as a venue for events including equestrian, hockey and modern pentathlon at the 2016 Olympic Games.
As of yet there has been no comment from Formula 1 or its overlords Liberty Media on the situation.
Now, president Bolsonaro has announced that Rio will indeed host Formula 1 in 2020. "It is good for both Rio de Janeiro and Brazil".