The RAF Charitable Trust announced this morning (19th February 2016) that it had reached an agreement in principle with the Royal Air Force to organise an air show at RAF Scampton as early as September 2017.
Former Battle of Britain Memorial Flight Lancaster pilot Stuart Reid told the BBC that a show at RAF Scampton could be just as large as it was at Waddington.
Gainsborough MP Sir Edward Leigh said: "I am really pleased to see the RAF's international air show come to the home of the Red Arrows, RAF Scampton.
"I know that the show will find a warm welcome in my constituency. I am grateful that the ministry has seen the benefits for Lincolnshire in keeping the event in 'bomber county'."
Lincolnshire County Councillor Colin Davie, executive member for economic development at the council, said: "Fantastic news for Lincolnshire that new air show will be staged at Scampton in 2017.
Chief Executive of RAF Charitable Trust Enterprises, Andy Armstrong, said: "My team has a wealth of experience organising airshows and over the coming months we'll engage with local agencies and community representatives to deliver a new, exciting and enjoyable day out for the whole family.
"Across Lincolnshire, there's a great appetite for a new airshow and we are determined to create one whose identity reflects the region's strong aviation links - past, present and future."
A spokesman for the Royal Air Force said: 'The RAF is pleased to announce its agreement in principle to the RAFCT, who run the Royal International Air Tattoo, organising an airshow at RAF Scampton, the first of which will be in 2017 at the earliest. Work is ongoing to agree the finer details which will be confirmed in due course.'
The RAF Waddington International Air Show was scrapped as a result of a Ministry of Defence review during 2015 which also concluded that RAF Scampton was an ideal location for a show.
Update (May 2017) - RAF Scampton Airshow will likely be held 9th-10th September 2017.
• Lincolnshire Echo