Gosford pulls out of Supercars race bid

Gosford won't host a Supercars race with the NSW city's council announcing cost concerns and traffic worries had forced it withdraw from negotiations.

Gosford on the NSW Central Coast has pulled out of negotiations to host a Supercars race next year. (AAP)

Supercars is still on the hunt for an event to replace it's season-ending Sydney Olympic Park races with a Gosford bid falling flat.

The Central Coast Council (CCC) announced on Thursday concerns over cost to ratepayers and traffic and freight disruptions had led it to end inquiries into the hosting opportunity.

The NSW city had been proposed as a destination to replace the Sydney 500 event which will be held for the final time in December.

CCC chief executive officer Rob Noble said the numbers didn't add up for the council.

"On paper this looks like a fabulous opportunity for the coast," Mr Noble said.

"Then you drill down and realise we would have to close one of the main arterial roads on the coast for more than four days.

"I know residents would rather we spent the money on roads they actually drive on every day."

The news leaves a hole on the Supercars calendar which has also had to cope with the cancellation of this year's inaugural event in the Malaysian capital Kuala Lumpur.

Supercars are believed to be seeking an alternative venue within NSW to replace the Sydney event, with Newcastle a possible destination.