The Parramatta Eels and Western Sydney Wanderers have unveiled a $120 million proposal to turn Pirtek Stadium into a 32,000-seat venue that would supersede plans to build a new stadium in western Sydney.

The Eels and Wanderers met with Venues NSW and Parramatta City Council on Thursday to discuss the proposal to build new grandstands at the northern and southern ends of the ground that would link the Ken Thornett and Mick Cronin stands.

Transformation: Pirtek Stadium could be set for a huge upgrade.

There are also plans to build commercial space into the back of the proposed new grandstands that would allow for restaurants, cafes and offices to bring revenue into the precinct.

It comes a fortnight after Fairfax Media revealed a proposal has been put forward to sell the greyhound racetrack at Wentworth Park for a billion-dollar residential development that would fund a new 35,000-seat roofed stadium in Penrith.