New South Wales Premier Gladys Berejiklian has declared Sydney is open for business after revealing the plans for a $2 billion redevelopment of the city's two major sports stadiums.

Ms Berejiklian this morning formally announced funding for the new stadiums to replace Allianz at Moore Park and ANZ at Sydney Olympic Park.

Construction on Moore Park will start next year and be completed in 2021 at a cost of $705 million. Work on ANZ will start in 2019 and is scheduled to reopen in 2022 at a cost of $1.25 billion.

The Olympic stadium will seat 75,000 people.

The new Stadium Australia would replace the current building that has been in place since the Olympics.

The government has also locked in the NRL Grand Final in Sydney for the next 25 years, with one game to be played at the Sydney Cricket Ground in 2020 during the construction phase, with sequencing allowing the remaining grand finals to be played at Allianz in 2021 and 2022 and the rest at ANZ.

"We want the world’s biggest sporting clubs and artists to choose NSW as their preferred destination to showcase their events,” Ms Berejiklian said.

“To compete globally and attract national and international events, our stadiums must have the most modern facilities that offer a great experience for fans.

The new stadiums will cost more than $2 billion.

“Fans will be closer to the action than ever before, with steep seating creating a colosseum-inspired wall of sound and colour, enhanced with the world’s most advanced technology.

“This investment means we can compete on the world stage for events such as the FIFA Women’s World Cup, the Rugby World Cup, and keep Sydney as the number one sporting destination.

The new facilities at Allianz Stadium have been welcomed by Sydney FC.

The new Moore Park facility will seat 45,000.

“This is an investment into our vital tourism industry, which is worth $33.2 billion per year to the NSW economy and supports 164,000 jobs.”

The news has been welcomed by Sydney's major sporting teams from the NRL and A-League.

Sydney Roosters chief executive Joe Kelly said the new stadium configuration at Allianz would provide an "unparalleled match day experience."

The Sydney Roosters will call the new stadium at Moore Park home.

The NSW Waratahs will also play out of the new Allianz Stadium.

Sydney FC chairman Scott Barlow said the Sky Blues were excited to play at the new stadium.

“We live in one of the greatest cities in the world and it is vital we have the sporting infrastructure to match," he said.