Supercars chief executive James Warburton revealed a long-term plan for an event in regional Victoria earlier in December, after the final event at Sydney's Olympic Park street circuit.

The proposed regional event will function as a replacement for the Sandown 500.

Supercars recently struck a three-year deal to continue racing at Sandown, but that contract is widely tipped to be the last with developers keen on the land.

Albury mayor Kevin Mack said it would be remiss of the two cities not to consider a bid for the event, which would likely prove to be very lucrative.

“I think we would certainly bid for it of there was an opportunity to do so,” he said.

“It would be a great event.

“It'd be up to us to make something of it, but between the two cities we would certainly have the capacity to host it.

“Certainly it's something we'd be happy to look into.”

Wodonga mayor Anna Speedie agreed with her Albury counterpart, saying the Border was uniquely placed to host such an event.

“It would be great for Wodonga and the Border to host such a high-profile sport like the V8 Supercars, and is fitting considering the Border is home to the only regional team in Brad Jones Racing,” she said.

“Obviously there would be a lot of work to do in determining the logistics and hosting of such an event and it would not be possible without significant support but certainly we are open to having those discussions.”

Albury businessman and motorsport identity Tim Farrah believes a Supercars event would prove to be a major windfall for the Border economy.

“It's an enormous opportunity for the region,” he said. 

“Townsville have recorded an audited economic benefit of roughly $26 million dollars from their round – not too many events can bring that sort of money in a three-day period.

“There would be a lot of other benefits, the international and national coverage would be massive.”