The greyhound racetrack at Wentworth Park would be sold off for a billion-dollar residential development to fund two new sporting arenas in western Sydney under a controversial pitch to the NSW government.

Representatives of Panthers Group - which owns Panthers leagues club - and developer Brookfield Multiplex briefed Planning Minister Brad Hazzard on the proposal on December 18.

Under threat: Wentworth Park Greyhound track. Credit:Brendan Esposito

Two sporting bodies, Greyhound Racing NSW and Harness Racing NSW, have commissioned a report from consultant Deloitte on the plan, which is due before the government within a fortnight.

The report details a plan to sell Wentworth Park Sporting Complex - in Glebe, opposite the Sydney Fish Market on Blackwattle Bay - Fairfield Paceway, Bankstown Paceway and Penrith Paceway.