The Circuit of Wales scheme near Ebbw Vale was approved by the local Blaenau Gwent County Borough Council earlier this month but the Welsh government has said it wants more time to consider whether it should call it in. It is consulting with vested interests and environmental campaign groups.
Contractors FCC and Alun Griffiths had hoped to start construction this year but will now have to wait. The first phase would be the construction of an international specification motor racing circuit, including hotel, commercial and retail complexes. It will include a 3.5 mile track, Motocross and international karting tracks, and off-road driving facilities.
A Welsh government spokesman told the BBC said it had issued a holding direction over the circuit.
"The holding direction only prevents the council from granting planning permission. It does not prevent the council from continuing to process the application," said the spokesman.
"The Welsh ministers have been asked to call in the application and those requests are still under consideration. The holding direction provides the Welsh ministers with more time within which to consider whether or not the application should be called in for their own determination."
Developer of the project is the Heads of the Valleys Development Company.