The Ballarat Swap Meet could move to another organisation outside Ballarat or be abandoned.
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Organisers of the southern hemisphere's largest swap meet have been unable to find a suitable site for the February 2024 event.
The Ballarat Swap Meet committee has been working with the City of Ballarat to search for a site within the municipality for almost two years.
Committee chairperson Lindsay Florence said committee members had explored 29 possible venues, including public and private land options.
He said all possible sites had been found unsuitable for reasons including, not big enough to accommodate 2700 sites with associated car parking, only available for one year, in need of capital works and lacking water availability.
Mr Florence said the committee was now exploring the possibility of transferring the assets of the current swap meet entity to another organisation with similar objectives and rules.
He said the committee had the view of that organisation running the event in another location outside Ballarat.
"We acknowledge the 34 years of support that our site holders, suppliers and patrons have provided to such an iconic event for Ballarat and now to see it either move to another location in Victoria or, worse still, abandon it weighs very heavily on us all," Mr Florence said in a statement.
The swap meet has injected $2 million into the Ballarat economy every year since it started, according to organisers.
Ballarat's rotary clubs combine to run the event, with all funds raised directed to community organisations and charities. It brings much needed support to community groups which provide volunteer support.
It can no longer be held on Airport Road, Mitchell Park, because the land is earmarked for the next stage of the Ballarat West Employment Zone development.
Mr Florence said the committee had secured a site for the 2023 Swap Meet in Blind Creek Road, Cardigan.
Preliminary work started on preparing the site, but as it is on low lying land, unseasonal heavy rain in October and November would have made it unusable.
The site was part of the land currently set aside for the Ballarat West Employment Zone redevelopment and only made available for one year.
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Mr Florence said the committee was continuing to look for a suitable venue and "endeavors to keep the biggest Swap Meet in the southern hemisphere alive for all of you".
He said the City of Ballarat had called for expressions of interest on Wednesday.
City of Ballarat mayor Des Hudson said the City of Ballarat had been working closely with Ballarat Swap Meet organisers with the aim of identifying a site for the event to be held in 2024 and beyond.
"Despite our best efforts, areas that had previously been identified by the City of Ballarat as potential locations have been ruled out, due to complexities of either private ownership or land suitability," Cr Hudson said.
"We would still welcome discussions with any member of the public who may be able to facilitate a private property location."
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