A "tired" Gabba will be demolished and rebuilt as the centrepiece for the Brisbane 2032 Olympics and beyond.
Queensland Deputy Premier Steven Miles on Friday unveiled the bold $2.7 billion plan, releasing a project validation report that will revamp the iconic stadium.
Demolition work is set to start after the 2025 Ashes - 130 years after the Brisbane sporting venue was first established.
The stadium will be out of action for four years, meaning AFL side Brisbane and Queensland Cricket will need to find makeshift home grounds.
A rebuilt Gabba was considered the best option after a 2018 task force report found it was a "tired" venue that would reach the end of its useful life by 2030, the Queensland government said.
"This is an iconic stadium. It is going to be part of the city for 50 years or more," Mr Miles said of the Gabba makeover.
The new-look stadium is expected to start hosting events by 2030 - well before the Games.
"The project validation report assessed four possible options for the Gabba and identified that a demolition and rebuild provided the best possible outcome, the best value outcome for the city," Mr Miles said.
The Gabba's capacity will be boosted by about 10,000 to 50,000 for sporting events by the time it hosts the 2032 Olympics and Paralympics.
It will be able to cater for up to 80,000 people for concerts and events.
The new-look Gabba will have 360-degree accessibility, featuring three new pedestrian bridges as part of Queensland's biggest urban renewal since South Bank's Expo 88 redevelopment.
The stadium will become the centrepiece of a revamped broader Woolloongabba precinct Mr Miles suggested be called East Bank, which will feature retail, dining, 880 new apartments and open space.
"It will be a well connected stadium but most importantly, it will trigger the urban renewal that we want to see ... it will be a lifestyle precinct," Mr Miles said.
Under a development plan, the Gabba, Cross River Rail and Brisbane Metro public transport will connect to South Bank, the Brisbane CBD and a new Roma Street Arena.
Mr Miles said they were working with the Lions and Queensland Cricket on where to relocate them during the rebuild, with the Brisbane showgrounds considered an option.
He said they would consider compensation for lost ticket sales for playing at smaller venues.
The tender process is set to begin next year, with construction starting in 2026.
Federal treasurer Jim Chalmers said southeast Queensland had a chance to become the nation's most dynamic economy with the Gabba rebuild and 2032 Games.
Dr Chalmers and Mr Miles were seeing eye-to-eye at Friday's Future Brisbane event, barely a week after the state government slammed their federal Labor counterparts over "outrageous" infrastructure funding cuts.
But not everyone is happy about the rebuild.
Hundreds of Gabba residents are expected to protest the plans on Saturday with the popular Raymond Park set to be lost and 124-year-old East Brisbane State School to be moved.
