BRISBANE is set to have a new home ground from the 2033 season following the Queensland government's announcement that the Gabba will be demolished and a 63,000-seat stadium built at inner-city Victoria Park.

Premier David Crisafulli confirmed on Tuesday the new stadium would be the centrepiece of the 2032 Olympics and then be home to the Lions and cricket after the Games.

The Gabba will continue to host AFL home games until then, before being demolished for residential development.

The Gabba currently holds 37,000 spectators for AFL games, with the Lions officially selling out nine of their 12 games in 2024.

Lions CEO Greg Swann said he was "excited" by the news.

"The Gabba has been a great home for the past 30 years, but the city has outgrown it, the Lions have outgrown it, we'll top 70,000 members this year and the venue is reaching its end of life," he said.

Victoria Park is situated 1km from Brisbane's CBD and will be the hub of an Olympic precinct that will include the athlete's village and swimming venue.

Speaking before the announcement was confirmed, co-captain Lachie Neale said he loved the "old school" feeling of the Gabba, but thought the club was moving past it.

"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 CEO Andrew Dillon said he was excited about a state-of-the-art stadium in the middle of Brisbane.

"Our supporters have a strong history of travelling to games and I can't wait to get to work with Brisbane and the Government in the planning process and then in ensuring that once it is built, we sell out games at Victoria Park in the same way we sell out the Lions’ games at the Gabba," he said.