Will Power and Tony Kanaan have both withdrawn from this weekend's Armor All Gold Coast 600 V8 Supercar event following the horrific accident that claimed the life of Dan Wheldon in Las Vegas on Sunday.

Power, who was one of the driver to be caught up in the multi-car incident in the opening stages of the race and was taken to hospital having complained of lower back pain.

As a result, the Penske Racing driver has been forced to sit out the event and will be replaced in the #5 Ford Performance Racing Falcon by GT racer Richard Lyons.

"On behalf of everyone at Ford Performance Racing I would like to pass on our heartfelt condolences to the family and friends of Dan Wheldon," FPR team boss Tim Edwards said. "Our thoughts are also with Will Power at this tough time and we are just thankful he has escaped without any serious injury."

Following Power's withdrawal, Brazilian racer Kanaan has also announced that he will miss the event in order to grieve back in the United States, with sportscar ace Allan Simonsen being named as his replacement in the Jana Living Holden Commodore.

"I read the news about Dan Wheldon on the internet this morning after getting a call from my son," team co-owner Brad Jones said. "I couldn't believe the accident. I knew that he and Tony were quite close after they drove together at Andretti Autosport.

"His mentor, Steve Horne, called me to say Tony needed time to grieve this morning and I totally understand that. I've lost people close to me and, whether expected or unexpected, it's a terrible thing."