Nick Heidfeld set the current record time of 41.6 seconds in a McLaren-Mercedes MP4-13 in 1999.
Formula One cars have been forbidden from tackling the hill at full speed since Heidfeld set the record 15 years ago.
Leob will try to beat the record in the Peugeot 208 T16 he won last year’s Pikes Peak hillclimb in America with. Its 3.2-litre V6 twin-turbo engine produces around 875bhp.
The nine-times world rally champion lowered the Pikes Peak record by a minute and a half after its surface was changed from gravel to tarmac.
This year’s Festival of Speed will also mark the 50th anniversary of John Surtees’s world championship victory.
Surtees became the first and only driver to win world titles for cars and motorbikes when he clinched the drivers’ title with Ferrari in 1964. A selection of his cars and bikes on display will include the Ferrari 158 he claimed the title in.
Emerson Fittipaldi will also drive a McLaren M23 of the type he won the world championship with 40 years ago.
The central feature in front of Goodwood House will be dedicated to Mercedes. Among their racing cars present will be their pre-war grand prix racers, Sauber-Mercedes C9 and CLK GTR sports cars, saloon and rally cars, and its current F1 team and drivers.
Peugeot 208 T16 pictures
Goodwood Festival of Speed
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Images © F1 Fanatic | f1fanatic.co.uk, Peugeot