"After several discussions, Bernie Ecclestone and I were unable to agree how to keep Formula One in Indianapolis for the near term," Indy boss Tony George said.

"However, we have agreed to leave the door open for a potential future date.

"It has been a pleasure having the United States Grand Prix at Indianapolis, and I hope that as we approach our Centennial Era at the Indianapolis Motor Speedway, an opportunity might present itself that would allow its return."

Relations between the two organisations were weakened in 2005 when tyre safety concerns forced the majority of teams to pull their cars out of the Grand Prix.

It is unknown whether another American venue will replace Indianapolis for the 2008 season.

British rookie sensation Lewis Hamilton won the 2007 event last month, his second Grand Prix win on his F1 debut season.