Northern Ride, in the town’s Saville Street, is organising the not-for-profit event in July, in association with Malton Community Interest Company, British Cycling, the Fitzwilliam Estate, Welcome To Yorkshire and Malton Wheelers Road Club.
Ash Clark, from Northern Ride, said the race would see some of Britain’s best road cyclists racing on the streets of Malton.
“The circuit will be just over 1km and the main event will last just over an hour, with racers reaching speeds in excess of 40mph, making this a great spectacle,” he said.
“Although it will be great to see the pros, the day has much more to offer as we are organising races for children, women and amateurs, too.”
Ash said the event would take place on Sunday, June 22, and had the potential to benefit many local businesses.
“British Cycling suggest we should expect in excess of 4,000 spectators in a normal year, and with this being the year of the Tour anything could happen,” he said.
“The organisers are currently looking for sponsors for the event, and with this being the year of the bike, it’s a great opportunity for local people to raise the profile of their business.
“This really is a fantastic opportunity for Ryedale to capitalise on the Tour de France and create an event that our local economy will benefit from for years to come.”
Faith Young, from the Malton Community Interest Company, said: “Malton town centre is an ideal location to hold a cycle race meeting in the run-up to the Tour de France Grande Depart in Yorkshire.
“We are looking forward to helping the organisers with their plans in the months to come and hope that the race itself can become an annual event.”
Anyone interested in becoming involved with the event as an organiser, volunteer or sponsor should email Ash Clark, from Northern Ride, at email@example.com or phone 01653 699070.