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"The sky is the limit," he told the Austin American Statesman newspaper. "It could potentially break every grand prix attendance record."
Hellmund is talking about Mexico, even though his friend Bernie Ecclestone recently ruled out the old grand prix circuit in Mexico City.
"That's the problem," said the F1 chief executive. "It's the old one. It just needs sorting out a bit."
Hellmund plans to raise between $60-75 million for the upgrade job.
"The track needs a facelift, but so many of the right components are in place," he said.
"I think it's totally the right time," Hellmund said. "No one wants to waste the opportunity of having these (Mexican F1) drivers."
Indeed, Mexican Sergio Perez is set to switch to the high-profile F1 grandee McLaren, while countryman Esteban Gutierrez is tipped to replace him at Sauber.
Perez said on Thursday: "If he comes (to Sauber), it will be good to have two Mexican drivers after so much time without a driver. Now we are finally going to have two on the grid."