It has committed to an AUD$2.7 billion (£1.4 billion/$1.8 billion/€1.6 billion) demolition and rebuild of the Gabba, while the Federal Government is set to fund an AUD$2.5 billion (£1.3 billion/$1.7 billion/€1.5 billion) construction of the 17,000-capacity Brisbane Live Arena.

As part of the next step in the delivery process, the State Government is seeking feedback from the private sector on models, market conditions, timelines and tender processes, according to the Courier-Mail.

Queensland Deputy Premier Steven Miles has confirmed market sounding for the Brisbane live Arena is set to launch in the coming weeks.

"Feedback will be sought from key industry stakeholders on a range of aspects including market conditions, procurement models and practical delivery of the project," Miles was quoted by the Courier-Mail.

"The new Brisbane Arena will provide Brisbane and Queensland with a world-class facility for premium live events that is highly accessible and well connected.

"It will revitalise an underutilised inner-city precinct by helping Queensland to attract a greater variety of entertainment and international sporting events and strengthen Brisbane's tourism sector."

Miles earlier this week also unveiled an AUD$1.2 billion (£950 million/$1.5 billion/€1.4 billion) Station Square private-sector development project close to the Gabba including office, hotel and retail space which is set to be completed in time for Brisbane 2032.

Brisbane-based ASM Global chairman Harvey Lister had been pushing for the Brisbane Arena project for several years, but is expected to face competition from the United States-based Oak View Group when the tender process for its development is launched.

The Brisbane Live Arena is set to host swimming and water polo matches at Brisbane 2032, while the Gabba is set to serve as the main venue, including staging the Opening and Closing Ceremonies.

The iconic Gabba was originally built in 1895 and is most famous for hosting cricket.

The Queensland Government says its redevelopment is required to improve disability access, facilities for women and its ability to host future sporting events, although there is controversy over the plans as they were initially costed at approximately AUD$1 billion (£530 million/$660 million/€600 million) and require the relocation of the heritage-listed East Brisbane State School.

Australia is set to host the Olympics for the third time after Melbourne 1956 and Sydney 2000.