Editor's note: This story has been updated to reflect information about a Friday announcement between Arlington and the Rangers.

The Rangers appear destined for a new stadium.

And sooner than you think.

According to two major league sources, the Rangers and City of Arlington are about to announce plans for a new retractable-roof stadium that is expected to come on line earlier than the current lease expires following the 2023 season.

The team and the city announced Friday morning a joint media briefing at 1:30 p.m. Friday about a proposed "public-private partnership," though further details were not released.

It is uncertain how far ahead of the 2024 season the new stadium could be opened -- or how it would be financed -- but getting into a new retractable-roof stadium ahead of time is likely to significantly increase the value of the club and add multiple years of new revenue streams.

Construction of a new stadium likely would be subject to an election by Arlington voters -- probably to dedicate sales tax and potentially parking and ticket taxes to the construction effort.

The Star-Telegram reported that a new $900 million ballpark be split equally between the city and the Rangers. WFAA-TV (Channel 8) reported that an election would be held in November to dedicate Arlington's half-cent sales tax currently paying off the Cowboys AT&T Stadium to the new Rangers ballpark.

Neither City of Arlington nor Rangers officials confirmed a news conference for Friday, but City of Arlington Marketing Communications manager Jay Warren released an optimistic statement about the future between the parties.

"For more than four decades, Arlington and the Texas Rangers have had a strong relationship," Warren said. "That relationship was further strengthened last year with the announcement of the public-private partnership between the City and the Rangers for the proposed Texas Live! development in our Entertainment District. We look forward to continuing that relationship for many years to come. The City has no other comment at this time."

In negotiations with the Rangers, Arlington had one trump card over all other local municipalities: It had the ability to essentially tear up the final years on the current lease and get the Rangers into a new ballpark before the 2024 season -- when the current lease with the city expires.

In December, the Rangers and the city announced plans for Texas Live!, a $200 million public-private development adjacent to Globe Life Park, the current stadium. Just last week, it was revealed that the city plans to pay off its debt on AT&T Stadium nearly seven years early, in 2021. That news was expected to improve the city's credit rating, making it easier to borrow for other long-term projects.

The Rangers have also purchased the adjoining parking lots from former team owner Tom Hicks. So, Texas now has control of the surrounding property for additional development or just the revenue generated by the parking lots.

This computer rendering shows the proposed entertainment complex and hotel that Arlington and the Texas Rangers are considering building near Globe Life Park. It is unclear how these plans would be impacted if a new stadium is built. (City of Arlington and the Texas Rangers)

The Ballpark in Arlington was originally built for approximately $191 million, but any new stadium would certainly eclipse the $500 million mark.

The Miami Marlins play in the newest retractable-roof stadium. The publicly financed ballpark and parking complex cost $639 million, according to Forbes.com.

Though the timing of the pending announcement may seem early, a new stadium ensures that cities like Dallas will not be able to steal the Rangers from Arlington.

Dallas tried to lure the Rangers from their neighbors in 1988 before Arlington voters agreed to chip in $135 million to build a new stadium next to the old Arlington Stadium.

The Ballpark in Arlington - which was rechristened Globe Life Park two years ago - opened in 1994 and drew inspiration from the retro stadium style that started with Camden Yards in downtown Baltimore. The red brick stadium evoked early 20th century ballparks, but ever since it was built, fans have complained about the summer heat. There's no doubt the heat has suppressed attendance during the summer, even when the Rangers have been in contention.

Though plans for a new stadium in Arlington haven't been announced, current MLB trends point to smaller stadiums. And stadium life expectancy isn't what it used to be.

The Atlanta Braves, who have called the edge of downtown Atlanta home since 1966, struck a deal with suburban Cobb County to move to a new plot of land there in 2017. In doing so, they will abandon Turner Field after just 20 seasons.

Turner Field has been beset by a litany of problems. Among them: There has been virtually no development around the park, there is limited team-controlled parking, there are problems with access and egress and the Braves' ticket base has been moving farther and farther north -- and away -- from the stadium.

But the proposed $200 million Texas Live! mixed-venue project made it clear that Arlington wanted the Rangers to stay for the long haul.

The Arlington City Council unanimously approved several resolutions in December to go forward with a deal for a 100,000-square-foot entertainment complex and upscale hotel across the street from the team's ballpark.

The Fort Worth Star Telegram reported last week that construction of the Texas Live! project -- including several restaurant,pubs and live music venues -- would be delayed several months and wouldn't be open until the 2018 season. The hotel would be open in time for the 2019 season, the newspaper reported.

Construction for the hotel is slated for the corner of Randol Mill Road and Nolan Ryan Expressway, southwest of the current stadium. It is unclear if those plans would change if a new stadium was built.

On Twitter: @Evan_P_Grant