The Gabba is slated for an A$1 billion (USD777 million) rebuild before hosting the opening and closing ceremonies as part of Brisbane's bid for the 2032 Olympics, officials said on Tuesday.

Queensland state capital Brisbane was named preferred bidder for the 2032 Games in February and could be confirmed as host as early as July.

Queensland Premier Annastacia Palaszczuk said the Gabba would likely have its capacity boosted from 42,000 to 50,000 as part of a renovation to cost "around the A$1 billion mark".

"Every games needs a home," she said in a statement. "The Gabba has been home to our sport since 1895. "A home for the 2032 Olympic Games could be its crowning glory."

Located in Brisbane's inner-city suburb of Woolloongabba, the refurbished stadium would be linked to a new railway station under construction via a pedestrian plaza.

Australia's defeat against India earlier this year was their first at the Gabba since 1988. The ground will likely host the first Test of the Ashes in December although the schedule is still to be confirmed.

Nick Hockley, the interim CEO of Cricket Australia, said: "The Gabba is one of the most important, iconic and historic cricket grounds in Australia and we are delighted that the Queensland Government has agreed to a major redevelopment should Brisbane win the right to host the 2032 Olympic Games."

Australian Prime Minister Scott Morrison endorsed Brisbane's bid last month and told the International Olympic Committee all levels of government in the country were firmly behind it.

Palaszczuk said on Monday the bid was still "contingent on guarantees" from the federal government.

Though Brisbane is the frontrunner for 2032, South Korea's Seoul said this month it had sent the IOC a proposal for co-hosting the 2032 Games with North Korea's capital Pyongyang.

The postponed Tokyo Olympics start on July 23. Paris will host the 2024 Games, with Los Angeles hosting the 2028 event.