Hoy was defeated by room-mate Jason Kenny in the semi-finals of the event at the Track Cycling World Championships in Melbourne.

Kenny claimed a 2-0 victory before losing out to Gregory Bauge in the final, the Frenchman appearing to be the biggest obstacle to British success in August.

Only one rider per country will be able to compete in the event at the Olympics and Hoy, who won the bronze medal, says the decision now rests in the hands of the British Cycling hierarchy.

"There won't be any more racing between us - I don't think they'll do any in-house races either. The racing has finished," Hoy said.

"It's going to be a tough one for the selectors. If Jason had won (the gold) tonight it would have been a no brainer.

Important

"There were five selection events of which I won three - but this was by far the most important.

"We'll have to wait and see, whatever decision they come up with I'll be behind it 100 per cent. I won't question what the decision is."

Prior to the World Championships the duo each indicated their belief Melbourne would have a significant bearing on Olympic selection.

They have met five times since September - at the British Championships, the European Championships, Track World Cup events in Kazakhstan and London and in Melbourne.

"Every race this year leading up to the Olympics has been important. We've both shown we can still race at a good level, finishing second and third," Kenny said.

"There was nothing between us in the actual race - the first one went down to a tyre's width.

"There's not a lot more I can do now than go home, concentrate on getting quicker and what will be will be selection-wise. We'll just see what happens."

Focus

Hoy believes that the decision will be made in good time for the Olympics so both riders can focus on preparing for the events they know they will be involved in.

He said: "They will announce it to us fairly soon, then we'll know and can target the events we're riding.

"They won't leave it late in terms of telling us what we're doing, because in my opinion it wouldn't be the best approach.

"Once the dust has settled they'll let us know and we'll abide by that decision."

Hoy added: "The sprint competition tonight was I think one of the best ever.

"It's a shame that you've got in the last eight, four athletes who won't be in the Olympic Games. But the decision was made and that's life.

"You've got to imagine the 100 metres final in athletics with one Jamaican, one American - I believe the best athletes in the world should be there, no matter which country they're from."