Under the current proposal, which it is hoped will safeguard the future of the British Grand Prix, the pit and paddock complex would be moved from its current location between Woodcote and Copse to the straight between Club and Abbey.
Those two corners would be reconfigured, with a new pitlane, garages, a race control building, media centre, hospitality, and paddock all constructed on the site.
Future plans for Silverstone's development also include the construction of a business park, a sport and leisure complex, a manufacturer test centre and a university campus over the next 10 years
Silverstone's managing director Richard Phillips said: "We're absolutely delighted that AVDC's planning committee have unanimously voted in favour of this proposed development.
"This is a turning point for Silverstone and a bold commitment towards the BRDC's support for motorsport in the UK and retaining the British Grand Prix. The current programme provides for work to start on site later this year."
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