Actor Dempsey, who is best known for playing Dr Derek Shepherd in Grey's Anatomy, has been approached by organisers to take part in the Qantas Australian F1 Grand Prix celebrity race.
According to the Herald Sun, Aussie actor Bana has also shown interest in competing in the Porsche Carrera Cup.
Rock band The Living End are set to perform a few songs at the Albert Park event in March this year.
Singer Chris Cheney said: "We can't wait to be part of the festival action in front of our home crowd. We'll be there with the fans cheering on Aussie [racing driver] Mark Webber."