Transport bosses have turned down the chance to host the opening of the Tour de France in 2017 because of funding problems.
London was poised to host the cycling race's Grand Depart after beating bids from Manchester and Edinburgh.
But Transport for London chiefs pulled out of the bid just one day before contracts were set to be signed, the BBC reported.
It is believed the government's proposed £20billion cuts to transport spending resulted in the U-turn.
The capital previously hosted the Grand Depart in 2007. It also hosted the race's third stage in 2014.
Leon Daniels, TfL's managing director of surface transport, said the transport authority took the decision not to host the event after being forced to make "difficult choices" about its budget.
In a statement, he said: “We have loved hosting the Tour de France in 2007 and 2014, both of which were amazing events that inspired thousands of new cyclists and showcased London as a world class city for cycling.
"We have always said that the return of the Tour was subject to funding.
"To ensure value for money we must make difficult choices, and on this occasion we have decided that we will not be hosting the Grand Depart in 2017.”
It is thought that Germany will now take over as hosts for the Grand Depart in 2017.
British Cycling has been contacted for comment.
