INDIANAPOLIS (Reuters) - World championship leader Valentino Rossi of Italy seized pole position for the inaugural Indianapolis MotoGP on Saturday, ending Casey Stoner's run of seven consecutive pole positions.

Rossi rocketed his Fiat Yamaha around the famed Brickyard, home of the Indy 500 which is hosting its first motorcycle race since 1909, in one minute 40.776 seconds to finish ahead of his Australian rival whose title hopes are fading.

It is Rossi's second pole of the season as he bids for a fourth consecutive win. Sunday's race will also mark the seventh time the Italian and the world champion have battled from the front row of the grid this season.

Rossi's team mate Spaniard Jorge Lorenzo qualified third quickest ahead of local favourite Nicky Hayden.

The Italian has been in brilliant form since his victory at the U.S. Grand Prix in Laguna Seca in July.

The seven-time world champion arrives at the Indianapolis Motor Speedway riding a three-race win streak that has allowed him to open up a commanding 75 point lead over Stoner.

Rossi tops the standings with 262 points followed by Stoner on 187 and Spain's Dani Pedrosa on 185 with five races to run.

Italy's Marco Simoncelli, series leader in the 250 class, will start from pole in his event.

Spain's Pol Espargaro grabbed the pole in the 125 class ahead of series leader Frenchman Mike di Meglio.

(Writing by Steve Keating in Toronto, editing by Ken Ferris)