Istanbul's Grand Prix will not take place in 2012, Turkish media reported on Friday.
Formula One says goodbye to Istanbul
The reports said there have been disagreements about payments between race officials and F1 chief executive Bernie Ecclestone.
The Hurriyet daily quoted Istanbul Chamber of Commerce chief Murat Yalcintas as saying officials had rejected Ecclestone's bid to double the race fee to $26 million.
"Formula One says goodbye to Istanbul," read the headline in the Haberturk newspaper.