The project is expected to involve a complete overhaul of the trackside facilities. This will include new bridge garages, pit area and race control area.
Work is expected to start after this year's British Grand Prix and be completed in time for the next world championship race in 2004.
The scheme is part of a £40m redevelopment of the track; the venue has spent £17m on upgrading car parks and constructing a bypass along the A43 to facilitate access to the circuit.
Other planned improvements include a media centre, grandstands, a museum and other spectator facilities.
The trackside scheme has been designed by architect Terence O'Rourke and the project team includes quantity surveyor Gleeds and project manager EC Harris.
The redevelopment has been pushed ahead because of criticism of the facilities and access to Silverstone in the past few years. Formula 1 chief Bernie Ecclestone declared that the venue was a "county fair masquerading as a world championship event", after last year's British Grand Prix.