The plan was revealed yesterday to the delight of Ballarat's sporting community, but the government is remaining tight-lipped on the details.

It is believed the plan would see Eureka Stadium transformed, with a 15,000-seat stadium built in the hope that a number of AFL matches could be held in Ballarat each season.

The North Melbourne Football Club has already expressed interest in playing games there.

Government spokesman Bill Kyriakopoulos denied there was any money allocated to the project, saying the government had committed $1 million from the Regional Blueprint towards the stadium.

"It's an interesting proposal but we haven't made any commitment," he

said.

"It's not on the table, we want Ballarat to host NAB Cup Games, but who knows what's around the corner."

Mayor Judy Verlin also denied knowing anything about the supposed deal, but said it would provide a significant boost to the local economy.

"We know we've definitely got $1 million... naturally I would welcome any discussions with the government to clarify what its position is," she said.

"It would be very exciting.

"The flow on effect to the wider economy and value-add to businesses would be significant.

"When you think of all the businesses that could potentially hang of a development like this in servicing a sport and entertainment precinct, it's great."

The initial redevelopment of Eureka Stadium was outlined in the Ballarat: Today, Tomorrow, Together document, Cr Verlin said.

"While the AFL component is significant and a large part of the overall project, the full benefit of having exhibition space on the showgrounds side, would create a great sports and entertainment precinct as a whole," she said.

"This is wider than just the seats for the AFL."