The Irish Examiner reports a formal announcement is due this evening as the government has decided to ask for more time to examine a bid for the prestigious race.
Cork was due to host the event if Ireland was selected, however it's now expected to take place in either Spain or Saudi Arabia.
The estimated €150 million cost of the event has proved controversial in recent weeks with Cork TD Mick Barry saying the money would be better spent funding sports clubs and mental health facilities.
