Dreamworld is getting ready to say goodbye to one of its most iconic attractions as part of a $50 million overhaul of the Gold Park theme park.

On the eve of the third anniversary of the 2016 tragedy which saw a malfunction of the Thunder River Rapids ride claim four lives, Dreamworld announced it would be closing the Tower of Terror.

The theme park has stressed the high-speed thrill ride, which sends passengers hurtling into the sky at more than 160km/h, is not closing due to safety issues.

The iconic Tower of Terror will close (Nine)

The ride will be closed on November 3 as the theme park makes way for new attractions, which include a $30m rollercoaster, a multimillion-dollar revamp of ABC KIDS World, a new waterside complex featuring six new body slides and five unique splashzone experiences.

Dreamworld's chief operating officer Greg Yong said he was excited for the future of the park, which will introduce airline-style safety standards.

"New technology in the theme park industry continues to develop and become more advanced each and every year," he said.

"This means some of our old favourites have been retired to make way for these new experiences including Sky Voyager, the Southern Hemisphere's first flying theatre, and other attractions recently announced which will start to be introduced to the park in the coming months."

Four people were killed while riding the Thunder River Rapids at Dreamworld in 2016. (Supplied)

The work will be completed by German-based company Mack Rides, who have been responsible for rides in Disney and SeaWorld parks in the US. The slides have been created by Swimplex-Polin Australia.

Dreamworld's announcement comes as the $20 million Sky Voyager ride is set to open today, marking the park's first newest major attraction in years.

The Thunder River Rapids responsible for the 2016 deaths and the Wipeout ride have been retired in recent years.