Frankel is expected to defend his Sussex Stakes title at Glorious Goodwood later this season.
But there will be no mouthwatering showdown with unbeaten Aussie sprinter Black Caviar on the Downs.
Entries for the track’s blue riband event – a £300,000 Group 1 clash over a mile – closed yesterday and were set to be announced today.
Sponsors QIPCO had pledged to increase the prize money to £1m if Black Caviar took up the challenge to face the reigning champion on Wednesday, August 1.
However, Aussie trainer Peter Moody will only run her at Royal Ascot next month before returning for big races on home turf.
Jeff O’Connor, of Moody Racing, said: ‘We do not intend running Black Caviar at a mile in the QIPCO Sussex Stakes – Frankel or no Frankel – as we are looking at getting her back to Melbourne for racing later in the year.’
Adam Waterworth, managing director at Goodwood, admitted it was always a long shot.
He said: ‘We are obviously disappointed Black Caviar will not be entered in the QIPCO Sussex Stakes but fully understand her connections’ viewpoint.
‘It was always going to be a long shot to have the world’s top two horses race against each other because of their different distance requirements.
‘But we wanted to make sure we did everything we could to facilitate such a contest.
‘The QIPCO Sussex Stakes, of course, remains a very significant Group 1 contest and we look forward to this year’s renewal, which may feature Frankel for a second year in succession.’
The QIPCO Sussex Stakes is one of the 35 races which make up the 2012 QIPCO British Champions Series.
The five-day Glorious Goodwood festival runs from Tuesday, July 31 to Saturday, August 4.