The competition will accept challengers in three games, Forza Motorsport 4 on Xbox 360, Gran Turismo 5 on PlayStation 3 and the PS3 version of F1 2011.
Those interested in entering can go to the Red Bull Gridsters registration site, where they can submit a video explaining why they're the best racing gamer as well as their Xbox Live or PSN gamertag depending on which game they want to enter.
A total of 16 finalists will be chosen and taken to the Red Bull Gridsters Dome at the 2012 Goodwood Festival of Speed where they will compete for prizes including a trip to the Abu Dhabi Grand Prix and the title of Red Bull Gridsters champion.
Registration ends Friday, June 22. The 2012 Goodwood Festival of Speed will run from June 28 to July 1.
> Read our review of Forza Motorsport 4
Watch a trailer for Forza Motorsport 4 below: