The Western Australian Cricket Association (WACA) has unveiled the latest redevelopment plan for the WACA Ground, as it seeks $175 million in State Government funding.

The plan to turn the 126-year-old venue into a "boutique stadium" includes reducing its capacity to 15,000, adding better seating and shade for spectators, and establishing a high-performance training facility.

It would also see the WA Football Commission (WAFC) relocate to the venue, which would host West Australian Football League (WAFL) matches from 2018.

The proposal comes almost three years after the WACA abandoned a contentious plan based on a partial commercial and residential development.

WACA chief executive Christina Matthews said the latest development plan would cost $207 million, and hoped most of that money would come from state coffers.

"We believe we've done a really good job at (putting together) a redevelopment that meets the needs of the state, and the sporting infrastructure that's in line with the state facilities plan," she said.

"But you never know. And you've got to be sensible enough to know you've got to move with whatever happens.

"But we're confident we've done the work to get the funding we're asking for."

The latest development plan would cost $207 million. ( Supplied: WACA )

The WAFC has confirmed a redeveloped WACA Ground was its preferred option as the future home of football in the state.

But chairman Murray McHenry said the WAFC was still negotiating with the State Government over its funding, and any agreement with the WACA would not be made until those discussions ended.

"We strongly agree that a redeveloped WACA Ground would complement Perth Stadium and provide wide-reaching benefits to the local community and regional WA," he said in a statement.

"The two venues would provide Perth with a truly world class sporting precinct that supports the development of the state's two largest sports."

Ms Matthews said the planned redevelopment was aimed at maximising spectator comfort.

"How they can comfortably sit and watch any game whether it's football or cricket," she said.

"We would hope that any match played is not packed in like sardines as it is now, but a much more comfortable surrounding."