The Newport Nocturne cycle race was cancelled in 2016 when a row over when it should be held meant that volunteers could not be taken on.
It was the first time the biennial floodlit event had been put off since its introduction in 1989.
Now organisers Nick and Diane Jeggo are aiming to bring it back for 2018.
The race brings thousands of people into the town, helping local businesses and bringing in tourists.
Mr Jeggo said: "We'd love to bring it back – we're determined to bring it back.
"It's been four years since the last one. It's a big ask to bring it back, and we'll need all the help we can get.
"We're having to ask to get back on the calendar, which is a bit of an issue. We'll need sponsorship and practical help as well. We're always grateful to Newport Town Council. We can't do the event without them, financially or practically.
"It's very exciting. Cycling has become a bigger sport. It's been four years since the last Nocturne and it is massive now. It's great to be able to do it and have everybody so enthusiastic. We used to be educating people about cycling, but it's less necessary now."
A return of the Nocturne would be good news for the town's businesses, with as many as 15,000 people visiting the town for the event.
"The crowd is partly made up of cycling fans but we used to find lots of people come into town from Shropshire who hadn't come to Newport for a number of years," Mr Jeggo said.
"What it did was rather than bypassing Newport, it brought them into town. People would say it's a lovely town – but it's very easy to drive past it.
"What it does is it gets lots of people from the town. It's not necessarily about the day, it's about getting people familiar with Newport and back into the town."
Mr Jeggo was meeting members of Newport Town Council last night to give an overview of the race and details about bringing it back.
Organisers had aimed to the have the 2016 race held on a weekend in September but British Cycling told them that they would only be able to hold it on a weekday.
That made it difficult for the team to find stewards to work the event, and so the entire thing was axed.