They have begun an immediate search to find a new New Zealand city to host the 2013 event.
He said there was no guarantee the event would be in New Zealand but pointed to Auckland as a place which could hold the event.
Wellington was also a frontrunner, he said.
The Hamilton City Council has lost $30m on the event since it first came to the city in 2008.
Wellington City Council's Sports and Events Portfolio Leader John Morrison was keen to have a look at the possibility of the city hosting the event.
"I think it would be a great idea - it would be fantastic. Whether I could convince some of my beloved colleagues is always a challenge, but from my point of view the [Wellington 500] downtown car race ... it was a fantastic event.
"If we could get a course that the V8s approved, and they were happy and we were happy ... we pride ourselves on being the event capital and we haven't given away that idea."
Mr Morrison said the track would have to differ from that of the old Wellington 500, which ran from 1987 to 1996, as the city has changed since then. Efforts to revive the event in the capital in 2006 failed due to a lack of resource management consent.
"I was disappointed we couldn't do it last time, we got caught out - a small section of the track (near the stadium) was just outside the CBD, and that meant we had to get resource consent, because we don't have to get resource consent under our district plan within the CBD. Most cities have to, like Auckland for example."
Mr Morrison believes that could give Wellington the edge over Auckland should both cities compete for the event.
"We don't have to go the rigmarole ... of resource consents [if the track could be designed within the CBD]."
He was confident the city could host the event successfully, but was aware the event had cost Hamilton.
"If everything didn't stack up, we wouldn't do it."
