The AFL Commission discussed the issue at Monday's meeting and League chief executive Andrew Demetriou said they had been impressed with the progress made by GC17.
"We have presented some of the work we have been doing since the last meeting which relates to the financial modelling," Demetriou said.
Demetriou said the League would work on the issue through January and be in a position to present a final submission to the Commission in February.
"I think it suggests that things are looking pretty positive," Demetriou said.
"We all know that GC17 is training hard under Guy McKenna and team is getting ready for the TAC Cup.
"They have got their senior appointments in place and there is a shortlist for the CEO position. We all know this team is coming in 2011.
"When we make a decision we know it will be the right one based on making sure we have done everything to honour what we said at the start about not disadvantaging our clubs, our players and our other stakeholders."
Demetriou said the potential 18th licence in west Sydney was not on Monday's agenda but confirmed it remained in the AFL's sights.
"We didn't discuss the timing of west Sydney," he said.
"The Commission has spent two days in greater Sydney looking at various sites and meeting interested people who indicated they'll support a team in greater Sydney.
"We're still very bullish about our plans for the 18th licence.
"We did speak briefly about the Tasmanian submission we received on Friday and that full-blown submission will go to the Commission in February."
