In a dramatic overhaul of the event, the Ballarat Gift will become a two-day carnival and for the first time be run after the Stawell Gift.

Ballarat Athletic Club will have the new-look meet at Eureka Stadium on Saturday, April 10, and Sunday, April 11.

The 120-metre gift heats will be on the Saturday, and semi-finals and final on the Sunday.

The Victorian Athletic League has also approved moving the Ararat Gift to Wednesday, April 7, as part of an exciting innovation for the sport.

The Easter Stawell Gift Carnival, which is on April 3-5, has traditionally marked the end of the VAL season.

BAC president Peter Emerson said the changes were the most exciting developments professional running had seen in many years.

"This is big for Ballarat, but it's more than that.

"It's massive for the Grampians region."

He said the club was confident the changes would provide an economic boost for Ballarat, Ararat and Stawell with the three meets becoming a week-long carnival.

Emerson said the BAC believed it was a "no brainer" that athletes would stay on after the $60,000 Stawell Gift when there were two rich gifts on offer in the region in the following week.

The Ararat Highland Society plans to boost the Ararat Gift to $20,000.

Up to this year the Ballarat (Saturday) and Ararat (Sunday) Gifts have taken place on consecutive days of the same weekend in February.

Emerson said Ballarat Athletic Club had initiated the changes on the back of the City of Ballarat's bid in July to relocate the Stawell Gift to Ballarat from 2010 to 2014.

The offer to the Stawell Athletic Club was made to ensure the ongoing viability of Australia's most famous professional foot race.

The BAC has had ongoing discussions with the Ballarat City Council to help lift the profile and status of the Ballarat Gift in ways which will bring economic benefits to the city.

Emerson said the club had also engaged with Tourism Victoria in exploring all avenues to ensure the tourism potential of a weeklong carnival across the greater Grampians and Ballarat regions.

He said new VAL president Andrew McManus was excited by the new program.