GMHBA Stadium will undergo a $102 million dollar redevelopment that will see the stadium capacity reach 40,000.

The project was announced by premier Daniel Andrews and will complete the stadium bowl, with a new 14,000 two-tier northern stand to replace the Ford Stand and Ablett Terrace.

It will also include a new northern entry plaza for patrons entering from Geelong city centre and the South Geelong train station.

Women's sport will be boosted with the redevelopment to include new unisex change rooms and facilities that will allow more professional women's sport to be played at the stadium.

Geelong Chief Executive, Brian Cook, said this commitment from the State Government will transform GMHBA Stadium into the ‘best regional stadium in Australia’.

“Over a period of 15 years these five stages will cost $300 million dollars in total and it will be in my opinion and in everyone’s opinion the best regional stadium in Australia,” Cook said.

“It will have an ability to attract more special events, international events, sports events and cultural events, and it will be an enormous impact not only to people that come to the stadium but also the community.”

“The economic impact is around $600 million dollars over a 10-year period following its completion and it is great for jobs, it is great for the community, it is great for business, it is great for the football club and it is a win-win for everyone.”

Geelong's rich sporting history will also be celebrated with a new sports museum, the Geelong Sports Discovery Centre, to be built at Kardinia Park as part of the project.

Geelong Football Club Vice President Bob Gartland will loan his collection of thousands of pieces of memorabilia to the new museum, including what's believed to be the oldest football club membership card in the world, dating back to 1864.

The project will create around 300 jobs. Work will start after the ICC World T20 matches being held at Kardinia Park in 2020, with construction to finish in 2022.