NRL fans will secure the best stadium facilities in the game's history under the $1.6 billion package approved by the NSW Government today.

NRL CEO Todd Greenberg said the investment in rectangular facilities at Sydney Olympic Park, Parramatta and Moore Park was a landmark result for Rugby League in NSW.

It means there will be three world class Rugby League stadia in Sydney – two in Sydney’s western suburbs and one in Sydney's traditional sporting hub at Moore Park.

Under the package, announced by the Premier, Mr Baird:

• A new 30,000 seat stadium will be built at Parramatta with construction to begin at the end of the current NRL season

• ANZ will be transformed into a 70,000 seat rectangular stadium putting fans close to the action. Construction will begin as soon as possible.

• Allianz Stadium will be upgraded to give fans better facilities

Mr Greenberg said the deal would also deliver $40 million for new centres of excellence for NRL clubs in NSW. The funds will be distributed on a "dollar for dollar" basis to clubs wanting to build Centres of Excellence.

"This is an historic day for Rugby League… one which will give our fans the comfort and facilities they deserve," Mr Greenberg said.

"Our aim was to ensure that Rugby League benefited from any allocation of stadium funding – and this package delivers that outcome."

Mr Greenberg said that, as part of the agreement, the NRL had committed to staging the Grand Final in Sydney for a further 20 year period, starting when the ANZ transformation is completed.

He said the new agreement meant that all existing arrangements within the network will continue with an expectation of additional games over time.