A long-awaited decision has been made to go ahead with the 17,000-seat entertainment precinct above Roma Street railyards.

Premier Annastacia Palaszczuk announced on Saturday that the Brisbane Live arena would be put to market to gauge the interest and concepts of private-sector investors.

The Brisbane Live project will transform the Roma Street railyards area into a world-class entertainment venue.

Public consultation on the Precincts Delivery Strategy to transform the city through the $5.4 billion Cross River Rail project would also begin.

The idea to build the arena began in 2007 but only kicked off when it became part of the Cross River Rail project after years of discussion between AEG Ogden and the government.