V8 Supercars Australia has announced that it will host the L&H 500 at the Phillip Island Grand Prix Circuit for the next decade.

V8SA and the Phillip Island International Circuit have reached agreement to stage the first of the traditional endurance races at the world class venue following its shift from Sandown Raceway this year, in another long-term circuit deal for the sport.

"Phillip Island is in the top circuits in this country," V8 Supercars Australia chairman Tony Cochrane said. "In fact I would go as far to say it sits comfortably beside some of the best permanent circuits in the world.

"It is a tremendous credit to the Fox family, Fergus Cameron and his team that it continues to be developed with new world class facilities for both our teams and fans alike."

The V8 Supercar Championship Series has raced at the circuit for a number of years prior to the 500km race being moved this year, hosting a crowd of 54,929 people across the weekend.

"Our board was enormously proud of this inaugural event which was a tremendous first year for the 500 at Phillip Island," Cochrane continued. "It will take time to build the prestige of this event to a level which our board are happy with and this is one of the reasons we have locked down a ten-year arrangement. We will continue to build the event into one of the country's best."

Phillip Island's Andrew Fox was delighted to reach agreement for the 500 to remain at his circuit until 2018.

"This is a significant announcement for Phillip Island," he said. "It's a win-win for Phillip Island and a win-win for V8 Supercars Australia. It's a long relationship and we are very proud that V8 Supercar motor racing will be at Phillip Island for a long time to come."