Geelong looks like it’s missed out on the right to stage a leg of the Red Bull Air Race in two year’s time.

Premier Ted Baillieu had promised to spend $4-millionto bring the famous aerobatic event to Geelong for 2014 when he was in opposition.

But it's now believed race officials have rejected Corio Bay, and want a Victorian leg to be staged at Albert Park instead.

Shadow Major Events minister Justin Madden says it's another slap in the face for Geelong.