V8 Supercars Australia are expected to announce on Monday the proposed Homebush street race will go ahead from next year.
V8 Supercar chairman Tony Cochrane has been pushing for a street race around the Sydney Olympic Park precinct to become a permanent finale for the championship but has been waiting for the plan to be approved by the NSW government.
V8 Supercars will hold a press conference at ANZ Stadium on Monday to make the "special announcement".
Cochrane said the three-day event, expected to be held for the first time in December next year, would cost $13 million annually but V8 Supercars Australia would foot most of the bill.
He expected the race would draw crowds of up to 100,000 international and domestic spectators to Sydney but refuted claims the event would be environmentally irresponsible.
"Structural changes to the Olympic venue will be minimal - three median strips will need to be ripped out - and for every tree that is uprooted three will be planted," Cochrane said in response to disgruntled environment groups.
Cochrane also estimated the event would inject between $22 and $30 million into the state's economy.
Sydney faced the possibility of being without a V8 Supercar event with Eastern Creek ruled unfit and Oran Park in Sydney's south-west to close down after hosting this year's season finale.
