A decision on a new AFL team is looming in the next few weeks, with the state's bid proposal set to be put to the 18 club presidents in Melbourne on Monday.
AFL boss Gillon McLachlan has long maintained the success of Tasmania's bid is contingent on the development of a new stadium.
It would replace UTAS Stadium in Launceston and Blundstone Arena in Hobart.
The proposed 23,000-seat roofed venue at Macquarie Point in Hobart's CBD would be the focal point of a new entertainment and sporting precinct.
The state government has committed funding of up to $375 million for the stadium, which it estimates will cost about $750 million.
Further funding will be sought from the federal government and private equity investment.
"History stands to be made this month if Tasmania achieves our dream of having our very own team in the AFL," the state government said in a statement.
"That licence would be the catalyst for this development at Macquarie Point, but the benefits of this precinct spread far beyond footy and far beyond the state's south."
In addition to funding for the stadium, the state government has already committed $150 million funding for the AFL team.
It is made up of $10 million a year over 10 years and $50 million for start-up costs.
A vote by the 18 club presidents on whether to grant Tasmania entry to the competition was originally slated to occur by the end of August.
Delays mean it is now unlikely until after Saturday's AFL grand final, with club presidents needing time to consider the bid proposal.
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