The Gold Coast Indy 300 was held at Surfers Paradise from 1991 to 2008 and was replaced by the Gold Coast V8 Supercars.

The annual motoring event ended after Indy Racing League and the Queensland government failed to agree on two things - a demand for an extra $3 million to come to Australia, while officials wanted the event moved from October to March to accommodate the American football season.

The IndyCar season runs from March to September.

On Tuesday, Premier Annastacia Palaszczuk said she was opening discussions between Indy and Queensland about the prospect of launching an Indy on the Gold Coast in 2020.

"It's early days but it would be wonderful if we can get this signature event back in Australia and I'd love to hear what the Gold Coast thinks about it," she said.

"We know it means hundreds of thousands of people, tourists, international visitors plus an international audience, eyes on the Gold Coast if we were able to secure the Indy for 2020."

Ms Palaszczuk said she had met with Queensland-born Indy champion Will Power, Australia's first Indy 500 winner, who wanted to bring the race back to his home state.

Power said it would be "unbelievable" if the race returned to the Gold Coast.

"I've won on pretty much every single track I've raced on in Indy car and the Gold Coast is the only one I never got to win," Power said.

Indy is currently raced exclusively in northern America and Canada but is looking to expand.

Ms Palaszczuk has invited Indy CEO Mark Miles to Queensland to deal directly with the state government to bring the event back to the Gold Coast.

"I know that they are looking at expanding into the southern hemisphere ... and the Gold Coast is being touted as a frontrunner for the expansion," she said.

It was hoped Mr Miles could come to Queensland before the end of 2018.