The news follows increased demand for the i45 overseas, causing limited local availability. Hyundai says the i45 is especially popular in the US and the Middle East - causing ongoing delays for Australian deliveries.
The more expensive i40 sedan, which starts from $29,990, will replace the i45 as Hyundai Australia's midsized option.
Speaking with TMR, the company confirmed it will not be shuffling prices any closer to the i45's $26,990 entry point.
"The i40 offers a number of features we can't supply with the i45, and having these as standard equipment in the i40 range makes up for that price difference," Hyundai Australia's Guido Schenken told TMR.
Hyundai Australia Chief Operating Officer John Elsworth said that buyers will not be left wanting for choice.
“The i40 range offers Australian buyers the option of Sedan and Tourer body styles, as well as a choice of highly efficient petrol and diesel powertrains with class-leading specifications throughout,” he said.
While the i45 range tops out with the $37,490 Premium grade, the i40 reaches as high as the $44,590 Premium sedan and $46,590 Premium wagon.
The i40 line-up was updated late in 2012, making eight parking sensors standard across the range, while all Elite and Premium models now feature satellite navigation - an update focused mainly on the wagon.
Mr Schenken added that the i45 is unlikely to return to Australia in the foreseeable future, "but of course we have to keep that door open for future generations".
Local supplies for the i45 are now limited, and Hyundai expects much of that stock to be taken up by corporate and government fleets.
Watch for TMR's upcoming review of the i40 sedan, and read our i40 Tourer review here.