May 21 (GMM) 1980 world champion Alan Jones has vowed to campaign to replace the Australian grand prix at Albert Park with the open wheeler alternative, A1 GP.

The Australian, who is heavily involved with his country's A1 team entry, acknowledges the possibility that Melbourne will not renew its contract with formula one officials beyond 2010.

61-year-old Jones, who was the first driver to win a title for Williams, says A1 - to field Ferrari-built cars for its next season - would ably replace the grand prix spectacle at a fraction of the price.

"It would probably only cost five per cent of what it does now," he is quoted as saying by the local Herald Sun.

"We could race with the (Supercar) V8s and put on a good show, and we wouldn't insist on running at night," Jones said.

He added: "I'd certainly like to talk to someone at Melbourne events."