This year’s White Night will be replaced with an event funded by the public.
The popular festival was postponed due to a lack of funds after it stopped receiving cash from the European Union.
The event, which has run for four years, featured free late-night arts and events at various locations across Brighton and Hove.
It cost about £100,000 to put on but was estimated to contribute £1m to the local economy.
But a crowd-source funded event, called the Drawing Circus, looks set to replace it.
Crowd-sourcing sees an event ask people, often through social media, to donate money so it can go ahead.
On November 3, from 6pm to midnight, The Drawing Circus will take over the entire Old Market with theatrical figure drawing, complete with a huge fairy-tale themed set and more than a dozen life models.
Organiser Jake Spicer said: “Run by the people for the people, this event promises to be an exciting alternative to White Night. On the night, people will be able to sketch their way through a living fairy tale, as the Old Market is transformed into an imaginarium of delight.”
For more information about The Drawing Circus, visit draw-brighton.co.uk.