Australian Grand Prix Corporation chairman Ron Walker has downplayed suggestions that the race could move to Sydney when the current contract with Melbourne expires.
Sydney has launched a bid to secure the rights to the grand prix with a race across the Harbour Bridge if the New South Wales government wins re-election.
Melbourne has a contract to host the race until 2020, but local government says it is likely it will be extended for another five years.
"They haven't got a chance," Walker told reporters on Friday about Sydney's bid.
"It's not going anywhere. It's staying here for as long as the (Victorian) government wants it.
"Sydney can camp outside [Formula One headquarters] Princes Gate in London as long as they like.
"But the fact is there is no deal to be done."
Melbourne has hosted the Australian Grand Prix since 1996.