Chicago will not host the 35th America’s Cup.

The prestigious yacht-racing event got a little closer to finding a new home Tuesday, with San Diego and Bermuda shortlisted as candidates to host. Chicago was in the running but now looks more likely to contend in 2015 or 2016.

To decide between the finalists, the America’s Cup Event Authority (ACEA) will work closely with each city to form commercial opportunities, hammer out logistics and establish public and private relationships key to the success of the event.

‘‘We are now able to focus on two venues that are motivated and enthusiastic at the prospect of hosting the next America’s Cup,’’ ACEA director Russell Coutts said. ‘‘I’m confident that we are on target to finish with a venue that allows us to achieve our goal of hosting an exciting and successful America’s Cup built on a strong commercial foundation.’’

ACEA will announce the host city before year’s end.