James Hinchcliffe has ended his bid to secure a seat for this year's Indianapolis 500 following his failure to qualify for the race last Saturday, having been unable to strike a deal to enter via one of the 33 entries to the race.

2016 Indy 500 pole-sitter Hinchcliffe was a shock casualty of the over-subscribed qualifying session last Saturday at Indianapolis Motor Speedway, with the 35 cars entered vying for one of 33 starting slots on the grid.

A slow first run followed by an issue on his second outing meant Hinchcliffe could only finish 34th, failing to qualify for the race in the process, but his Schmidt Peterson Motorsports team were looking to buy one of the drivers who had qualified out of their seat to ensure the Canadian - currently P5 in the drivers' championship - could make the start.

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CrashTV: 

Seats held by Jack Harvey, Conor Daly, Jay Howard and Zachary Claman De Melo were all understood to receive approaches, but none of the drivers were willing to give up their rides, leading Hinchcliffe out in the cold.

In a statement posted to his Twitter account on Wednesday night, Hinchcliffe confirmed he would no longer be pursuing an entry to the race, accepting his 'DNQ' status.

"Barring unforeseen circumstances, I will not be racing in the Indy 500 this year. The decision was made to stop pursuing options to get us in the race," Hinchcliffe wrote.

"There really aren't words to describe how missing this race feels. At the end of the day, we simply didn't get the job done. No excuses. This is our reality and we will face it head on, we will use it as motivation and we will come back stronger.

"We have a great team, incredible partners and the best fans, all who have been so supportive through this. I'm sorry we can't be on track for you Sunday, but we will be pushing hard for the wins in Detroit.

"I wish all 33 drivers a fast and safe race. I'll be watching and cheering on my SPM teammates. See you in Detroit."

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