Rasheed had been evasive when sought for comment by Speedcafe.com this week.
However, there have been reports the South Australian Government will no longer continue to support the street circuit event beyond 2021.
The Advertiser has reported an announcement is expected to be made soon.
“The Superloop Adelaide 500 has been an event icon for over 20 years, and this decision was made with careful consideration,” South Australian Premier Steven Marshall told The Advertiser.
“COVID-19 has presented significant challenges for the events sector, and the uncertainty and other factors became an insurmountable hurdle in the plight to deliver a successful race.
“South Australia sets the benchmark for delivering world-class events, and we will continue to invest in this space to create local jobs.
“We remain a strong supporter of motorsports and will move swiftly to assess all options for motorsport future events.”
It has been reported the South Australian Government and South Australian Tourism Commission will put its backing behind The Bend Motorsport Park in Tailem Bend.