Now owned and rebuilt by the energy drink company, the Austrian grand prix circuit in Styria is now called the Red Bull-Ring.
Austrian radio ORF said construction work to get the venue ready for formula one next year is now underway.
A spokesman for the Red Bull Ring operator Projekt Spielberg GmbH confirmed the report.
It was announced in July that Dietrich Mateschitz and Bernie Ecclestone had agreed a provisional deal to return F1 to Austria on July 6 next year.
Kleine Zeitung newspaper subsequently reported that the 2014 race will in fact take place a week earlier than that, on June 29.
The same newspaper now reports that an embankment on the front straight is currently being removed.