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Ms Ellis currently holds the title of world’s fastest woman on a conventional motorcycle, after she went from a standstill to 264.1 miles per hour (mph) in 2014.
She told the PA news agency: “We sold the 265 mph bike because we wanted to develop another motorcycle that could increase on those speeds (because) the other bike had got to the limits that we thought it could get to.
“So we developed this bike and we’re looking at the 300 mile an hour now.
“If it’s possible to do, and the situation is right, and the weather permitting, the road conditions and everything else, then it can be done and we’re going to have a go.”
Joining Ms Ellis on the track is 58-year-old engineer Graham Sykes, who has designed a steam-powered motorcycle called the “force of nature steam Rocket Bike”.
Mr Sykes came up with the idea for his bike nine years ago and said the process was a “labour of love”.
He told PA: “Everything has been made and designed by myself in my shed. It’s thoroughly British and and there’s nothing quite like it.”
The motorbike, which needed a £70,000 investment, has no electrics and relies 100% on steam.
It uses 100 litres of water heated up to 200C which is released through two special valves, producing just over 2,200lbs of thrust for four seconds.
This accelerates the bike to more than 200 mph, which means it can go to about 230 mph in an eighth of a mile from a standing start.
There is currently no world record held for a steam-powered motorcycle, but the outright steam record is for a car at a speed of 148 mph.
Mr Sykes hopes to set a record and beat the current car’s top speed as part of one of the 50 motorsports events being held in Yorkshire Devon East Sussex Isle of Man, Northamptonshire, Somerset and Wales.
He added: “As long as we don’t have any major mechanical issues that we’ve got to engineer our way around.
“It’s looking like we should be able to have a serious attempt in September.”
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