Perth's WACA Ground is set to receive a $30 million boost from the federal government.
The funding injection is part of a yet-to-be-finalised Perth City Deal between the state government and Canberra.
Cricket Australia will kick in $4 million for the project, while the Western Australian Cricket Association aims to raise $10 million through the WA Cricket Foundation.
WACA also hopes the state government will match the federal government's $30 million commitment.
The redevelopment is set to expand the ground's community spaces and includes an indoor multi-sport facility.
"So many of us have a cherished WACA Ground memory and now we can retain its heritage and rich history, while creating a venue with a strong community focus that has multi-sport, gender equal facilities," WACA chief executive Christina Matthews said in a statement on Sunday.
Federal Finance Minister Mathias Cormann expects to finalise the Perth City Deal ahead of next year's budget.
"The WACA has put forward a great proposal with a great vision for this historic ground,' he said.
Australian Associated Press