A billion-dollar MCG makeover plan has been pitched to the government to maintain the sport's precinct as the world's best and ensure maximum entertainment and security for patrons.

The plan, commissioned by the MCC, contains elevated pedestrian podiums stretching from the MCG to Richmond Station and a new hotel and health club.

Stage two, of the "Sports Link Vision", would see the railway tracks between the MCG and Melbourne and Olympic Parks decked, with open space created for events in the middle.

"A new public plaza is proposed to serve as a central focal point for the precinct and effectively forming the major link between the Melbourne Park Tennis Centre and the MCG and a hotel and health/sporting club, activating the space with restaurants and bars whilst complementing the public space and pedestrian connectivity into the precinct from Federation Square," the report said.