Iconic Aussie rock band Cold Chisel will reform for a one-off gig in Sydney this December.

Cold Chisel will be the headline act as part of the final round of V8 Supercars at Sydney's Olympic Park on December 5.

First formed in 1973, the band split a decade later. They have only played together three times since then.

But the V8 Supercars' mix of fast cars and rock 'n' roll fans proved to be an irresistible combination for Jimmy Barnes, Ian Moss, Phil Small, Don Walker and Steve Prestwich.

"Although it is great to make a pile of money, it's got to be the right thing to do," Barnes said.

"We've had other big offers where we've just gone 'Nah, the time's not right, or the event's not right'. But this happens and everything came together at once."

Tony Cochrane, executive chairman of V8 Supercars Australia, said the band turned him down a number of times before finally agreeing to the gig.

"We want this to be the big thing in summer," Mr Cochrane said.

- ABC/AAP