The V8 Supercars championship is set to drop its 'V8' tag as part of its new title sponsorship with Virgin Australia in a five-year deal.

The Australian series will now become the Virgin Australia Supercars Championship as part of its new deal with the company transporting the paddock across the region throughout the season.

The transition in championship name will take effect on 1st July which will open the door for the 2017 regulation changes that enable V6 and four-cylinder engines to compete in the series under the new 'Gen2' regulations.

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Championship CEO James Warburton is thrilled with the new partnership and feels it will be a huge benefit for both the gird and the fans following the series.

"We are delighted to welcome one of Australia's most recognisable and premium brands as our naming rights partner for the next five years," Warburton said. "We are focused on delivering a first class experience for our fans and this is a big win for our fans who fly thousands of kilometres every year across the country.

"Supercars generate $250 million in economic and tourism benefits to the cities and regions we visit in every state and territory and Virgin Australia will play a vital role in continuing to drive this growth."

The last round of the outgoing name will take place at Barbagallo Raceway for the Perth SuperSprint on the 6-8 May before the new name comes in at Townsville for the Castrol Edge Townsville 400 on the 8-10 July.