The Azerbaijani race was previously rumored in Baku, the country's capital, and Ecclestone confirmed it to Britain's The Independent: "Baku has been signed. It will start in 2015 and will replace Korea," he said. Previous reports indicated that the F1 boss and local officials had already signed the necessary paperwork to make the event happen.
Baku does have a recent racing pedigree. The city hosted a round of the FIA GT Series in 2013 around its streets. The F1 grand prix would likely use a similar layout and would be called the Grand Prix of Europe or the European Grand Prix. According to The Independent, former Renault F1 team boss Flavio Briatore brokered the deal between Azerbaijan and Ecclestone.
However, you might not want to make travel plans for Baku in 2015, yet. Ecclestone faces a trial for alleged bribery in Germany. Also, the grand prix in New Jersey once seemed like a certainty, but neither it nor the F1 race in Mexico ever made it to the 2014 calendar. It might be best to wait until next season's calendar is final.