The Brisbane Lions will have a new home from 2033, after the Queensland government announced plans for a 63,000-capacity stadium to be built at Victoria Park.

Premier David Crisafulli said on Tuesday, the new stadium will host the 2032 olympics, before becoming the new home for cricket and AFL in Queensland.

The Lions will continue to play matches at the Gabba, before the ground will be demolished to make way for residential development.

Although previous discussions over upgrading the Gabba for AFL matches were discussed, Premier Crisafulli said an upgrade was untenable.

"It became a choice between spending billions on temporary facilities and temporary stands that delivered no legacy, or securing the future of AFL in cricket at a new home," Crisafulli said.

"It became a choice between delivering a Games with an eye to the future or rewinding the clock for decades. In the end, the choice was clear."

The future ground will be built at Victoria Park, which is situated 1km from the Brisbane CBD and is within a planned olympic village and swimming venues. The new stadium is being described as the "centre-piece" of the 2032 Olympics and will play host to both the opening and closing ceremonies.

Discussions over a new stadium for the Lions had been long gestating - with calls for a larger stadium to cater for Brisbane's almost 70,000 members.

The Gabba currently holds just 37,000, with nine of the Lion's last 12 games selling out at the venue. 

Lions co-captain Lachie Neale said the new stadium will be a welcome addition for Queenslanders.

"When we come up against some big Melbourne clubs, the Gabba's probably a little bit too small. But it's a testament to our fans and the club and the way we've built the brand," he said.

"I'm sure by the time that (new) stadium is built, I won't be around to play .. it'll be good to go and watch."

AFL boss Andrew Dillon said the decision to support the new stadium was "transformational for the city, the community and sporting codes".

"It provides a sporting and cultural legacy that will continue for decades beyond the 2032 Olympics and makes Brisbane a destination for major games and mega events that will deliver the city and the state significant and ongoing economic benefits," Dillon said.

The league's main man said the venue at Victoria Park will help drive more mega-events, and provide a large tourist destination, assisting in Dillon's goal of reaching 10 million fans attending AFL and AFLW matches.