Commercial rights holders Dorna Sports said earlier this month that they were in talks with the state government of Uttar Pradesh and India's sports ministry.
"We have a lot of fans in India and we're excited to be able to bring the sport to them," Dorna Sports CEO Carmelo Ezpeleta said in a statement.
"India is also a key market for the motorcycle industry and therefore, by extension, for MotoGP as the pinnacle of the two-wheeled world."
The 5.14km track on the outskirts of New Delhi held Formula 1 races between 2011-13 before it was dropped from the calendar.
The announcement comes after MotoGP earlier this week said it had agreed a five-year deal to stage races at the Sokol International Racetrack in Kazakhstan from 2023.
MotoGP's 2023 season will begin with a race at Portugal's Algarve International Circuit in Portimao from March 24th-26th.