Sydney's Olympic Park will be a riot of noise and colour if a proposal to hold twilight V8 Supercar races at the venue gets the go-ahead, according to champion driver Jamie Whincup.

The championship announced a three-year extension to the contract with the NSW Government for the season-ending event on Wednesday, also revealing its desire to hold races under lights at the street circuit.

While the plans are nothing more than an idea at the moment, four-time V8 Supercars series champion Whincup is excited by the concept.

"I reckon that would be fantastic," Whincup said.

"I can see Homebush just going off. I can see that appealing to a lot of people that wouldn't normally come to the race during the day."

Whincup was one of the drivers who took part in twilight races at the Yas Marina circuit in Abu Dhabi, an experience he labelled "fantastic".

Apart from the benefits of holding races during television primetime, Whincup believes a later start would give bring many new fans to the event.

"I can see there being a big market there for people that have quite busy lifestyles, that need to do stuff during the day but can come out at night," he said.

"I can see it opening up a completely new fanbase which is what we're all about."

Wednesday's extension of the Sydney 500 means V8 Supercars has finalised the events on its calendar for next year and just needs to confirm dates.

The 2014 calendar is likely to be released during October's showpiece Bathurst 1000 endurance race.

Whincup, who has never won a race at the Sydney Olympic Park circuit but has celebrated sealing the championship there three times, says it was important to keep the event going.

He feels having a presence in Sydney is vital for the future of the series.

"It's good, it's appropriate we finish the championship in the biggest city in the country," he said.

"Homebush is a great place, it's just me personally, I've never won a race there."

AAP