Italian flagRome has now officially given up on its plans to hold a Formula 1 street race, as the Italian city says its efforts are now switching to securing the Olympics.

After months of speculation about whether a grand prix could be put on in Rome's streets, the hopes of an event were dashed a few weeks ago when Bernie Ecclestone wrote a letter to organizers stating that no country would be allowed to hold two races in their country.

With Monza already having a long-term deal to host the Italian Grand Prix, that all but killed off Rome's hopes of landing a race. Although there was some suggestion that Rome would keep pushing, its mayor Gianni Alemanno has now indicated that its F1 dream is now over.

"We formally and definitely give up on the hypothesis of a Formula 1 grand prix in Rome," he was quoted as saying by La Stampa. "This move represents a step backward because we have always said we would have done so, should the FIA have posed an alternative between Rome and Monza.

"However, we have an Olympic dream that is still going on: so let's make clear to Italy and to the world that we want to stage the games in Rome."