Governing body, the FIA, will meet on 3 June to discuss the future of the race and, for the first time, Bahrain say they are ready to hold the Grand Prix.
"We feel we are in position to have the event back," said Bahrain International Circuit chairman Zayed Rashid Alzayani.
Alzayani said he was hopeful it will be held in October or November to coincide with the Abu Dhabi GP on 13 November.
If Bahrain is restored to the 2011 calendar, it has been suggested it could become the penultimate race of the season.
F1 supremo Bernie Ecclestone is believed to be considering 20 November, the week after the Abu Dhabi GP, which could mean the season-ending race in Brazil, scheduled for 27 November, is moved back by a week.
Ecclestone is considering moving the Indian GP back to 11 December - or cancelling it - in order to accommodate the return of the Bahrain race to the calendar.