The Welsh Government wants to complete its due diligence on the viability of supporting the Circuit of Wales project, holder of MotoGP's British Grand Prix rights, by the middle of May.
Developers purchased land in Ebbw Vale, Blaenau Gwent County, in 2015, but have suffered a number of setbacks and construction is yet to start.
The Welsh Government confirmed in April 2016 that it would not underwrite the project but that it was open to a 50% commitment.
That was contingent on the circuit raising the other half of the funding and satisfying due diligence tests, based on how many jobs the project would create and how much value it would bring to the local economy.
In February, developers submitted a new plan to the Welsh Government that "met the criteria" of the demands, however full details sought for the due diligence are still to be provided.
"We will make a decision on funding the track when we have all the details, once the due diligence process has been completed to our satisfaction and once that has been considered by the cabinet," Ken Skates, Cabinet Secretary for Economy and Infrastructure, told the Welsh Senate on Wednesday.
"The developers of the Circuit of Wales were not able to provide the information required to allow the due diligence process to commence until end of last week.
"It is also regrettable that the information is currently incomplete.
"However my officials and the appointed external advisors have commenced the due diligence process based on the information provided and of course subject to the company responded in a timely manner to any further enquiries.
"We then expect to be able to report to cabinet by mid-May."
Circuit of Wales signed a five-year deal to host MotoGP in the UK between 2015 and '19, with an option for a further five years, with Silverstone stepping in while the circuit remains in the planning phase.