It's the follow up to the BAFTA award-winning F1 2010 and it's in development at Codemasters Birmingham in great Britain for the Xbox 360, PlayStation3 and PC.
Bespoke handheld editions of F1 2011 are also in production for Nintendo 3DS and Sony's NGP, each designed to take advantage of the new platforms' unique capabilities.
In F1 2011, the wide-ranging technical and gameplay advancements allow extended competitive and co-operative multiplayer components. As before, it will feature all of the official teams, drivers and circuits from the 2011 F1 season, including the current Drivers' World Champion Sebastian Vettel.
The 2011 season also sees the debut of the 2011 Grand Prix of India at Delhi's Jaypee International Race Circuit, and the return of the Nurburgring to the calendar.
To mark the announcement, Codemasters is offering gamers the chance to be among the first in the world to play the game ahead of its release, and star in future Development Diary videos.
To enter the competition, fans are invited to ask a question about the game on a video uploaded to YouTube.
The people with the most interesting and creative video entries featuring the best questions will be invited to Codemasters Birmingham in May to try the game, meet the team and ask their questions face-to-face.
The day will be filmed and released as first-look video. Winners unable to attend will also have the chance to be featured in forthcoming F1 2011 trailers by pre-recorded questions played to the development team.
To enter, head to www.facebook.com/formula1game