V'landys confirmed on Thursday morning that he was ending his 22-year stint at the helm of Racing NSW, when a period of long-service leave ends in November.
His resignation looms as the last step in a process of moving into the NRL full-time, and taking on the most powerful role in rugby league since the Super League war.
Since taking over as ARL Commission chairman in 2019, V'landys has become the increasingly dominant figure in rugby league.
But this move will see his role grow even further, effectively replacing former NRL CEO Andrew Abdo in his old position will remaining at the head of the commission.
When Abdo announced his resignation as NRL CEO in May, V'landys had said only "Superman and Jesus added together" could possibly replace him.
At the time, V'landys refused to enter into speculation if that figure could indeed be him, but signalled he would take leave from Racing NSW in July to be able to dedicate time to the NRL.
In the months since, the 64-year-old has garnered the support required from both the clubs and the states to allow him to take on the role.
Fellow commissioners have also approved the move, with the appointment now expected to be made official as early as Thursday.
Since the creation of the independent ARL Commission in 2012, no person has held the role of chairman and excutive on a full-time basis.
V'landys had been CEO of Racing NSW since early 2004, after previously spending 17 years as boss of NSW Harness Racing.
He led the racing industry through the equine influenza outbreak, with the creation of the Everest in 2017 among other key legacy pieces.
V'landys said: "Naturally, this is a very sad day for me. I have put my heart and soul into racing for 22 years. I have been fortunate to work with outstanding, loyal and hardworking Boards of Directors and staff.
"As a team, we went from a struggling jurisdiction to a world-leading jurisdiction. I take this opportunity to thank everyone who has been in our team. I will miss them greatly and I wish the industry every success."
In a statement, Racing NSW said V'landys' "many initiatives" had seen a total of $3.5 billion in new funding procured.
Racing NSW Chair Dr Saranne Cooke said his contribution to racing was without parallel.
"Peter V'landys has been, without doubt, the most effective and successful administrator in the history of Australian sport," Dr Cooke said.
"His contribution cannot simply be measured by the extraordinary growth of racing in NSW during his tenure.
"Peter has fundamentally changed the trajectory of racing in this country and made NSW one of the world's leading racing jurisdictions."
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