Independent charity Crimestoppers is offering the reward for information on the whereabouts of 24-year-old Kashif Khan, who is wanted in connection with the collision.
Andell Goulbourne, 59, was hit by a grey BMW M135i as he cycled along Washwood Heath Road on Thursday, July 30, at around 11.10pm. He was travelling in the opposite direction to the BMW and was hit as he went to turn right.
CCTV shows the four occupants in the leased car fled the scene – as Mr Goulbourne was left fatally injured on the road.
Crimestoppers say three men have already been interviewed about the incident – Khan, however, is still at large. He is believed to have left the country 21 hours after the collision.
Mick Duthie, director of operations at Crimestoppers, said: "Mr Goulbourne’s life has tragically been taken away and our heartfelt condolences go to his family and friends. Our charity believes in safe communities and we hope our reward and appeal will go some way in helping to get justice.
“We are appealing to anybody who may have witnessed what happened or who knows the location of Kashif Khan, who we know left the country 21 hours after the collision, to do the right thing and to tell our charity what you know 100 per cent anonymously. What you tell us can make all the difference.
“It is important to remind people that assisting somebody wanted for questioning over a crime can lead to prosecution."
Anyone with information is urged to call Crimestoppers anonymously on 0800 555111, or by visiting crimestoppers-uk.org