EDMONTON - It appears the Edmonton Indy has run out of gas.

Multiple media sources reported Tuesday that the race will be cancelled after negotiations between the City of Edmonton and promoter Octane Racing Group ended without an agreement.

An official announcement on the future of the race is expected as early as Wednesday.

Montreal-based Octane took over the race from Northlands in July. The Edmonton Indy lost $9 million over its first two races in 2008 and 2009.

Edmonton city council and Octane were working on a deal to keep the race in Alberta's capital until 2013.