The incident happened close to the subway leading to Headford Street, off Hanover Way, the Maserati ploughed into the railings surrounding the subway.
The driver, a 23-year-old Sheffield man, was taken to hospital with life-threatening injuries where he remains.
The passenger in the Maserati, a 23-year-old man, suffered minor injuries.
No other vehicles are believed to have been involved but South Yorkshire Police want to hear from anyone travelling along Hanover Way between 10pm and 10.30pm yesterday evening.
Hanover Way was closed from Glossop Rd to Moore St because of the incident.
Witnesses are asked to please call 101 or email [email protected] quoting incident number 1234 of June 25 2016.