Supercars’ Newcastle street race is all but confirmed following an official endorsement from the city’s council.

The Newcastle Herald reports that the local council last night formally signed off on a five-year rights fee agreement with Destination NSW that will allow the event to proceed.

Newcastle is set to replace the current Destination NSW-backed Sydney Olympic Park as Supercars’ season finale from next year.

According to the paper, the council’s interim chief executive officer Frank Cordingley and lord mayor Nuatali Nelmes will now formalise the bid and report track layout and consultation plans back to council.

Multiple track layouts have been tabled, including a waterfront circuit winding its way around the city’s picturesque but tight esplanade area.

The Supercars paddock was abuzz with positivity over the Newcastle deal last weekend, with the city’s size and location thought perfect for the event.

The Newcastle/Hunter region, located 160km north of Sydney, is NSW’s second most populated area and has been touted as a possible Supercars venue for several years.

Finalisation of the deal will be another major win for Supercars following the recent extension of its Gold Coast and Townsville street race deals.