After two summers without a pool, a deal has finally been reached for a new aquatic centre in Paramatta.

Key points: Parramatta's old pool was demolished in 2017 to make way for the new Western Sydney Stadium

Parramatta's old pool was demolished in 2017 to make way for the new Western Sydney Stadium The new aquatic centre will include a 50-metre outdoor pool and a 25-metre indoor pool

The new aquatic centre will include a 50-metre outdoor pool and a 25-metre indoor pool It will be completed by 2023

But it will not be ready for use for another five years.

Parramatta's only pool was controversially demolished in 2017 to make way for the new $360 million Western Sydney Stadium but funding negotiations for a new pool quickly stalled.

Today, the NSW Government and Parramatta City Council finally broke the stalemate and together committed $77 million for the aquatic centre — $38.5 million each.

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The new centre will contain a 50-metre outdoor pool, a 25-metre indoor pool, a gym and a cafe.

Parramatta Lord Mayor Andrew Wilson said the negotiations with the State Government were hard-fought.

The new centre was designed after extensive community consultation. ( Supplied: NSW Government )

"At times it looked fairly dark there and there were many complex issues we needed to discuss," he said.

"I would have thought [the minister] would get up and leave the table.

"But this pool is not going to be second-rate, it's an absolutely state-of-the-art pool."

A joint application by three architecture firms won a design competition for the centre and Parramatta Council will take control of the pool's construction.

The Parramatta War Memorial Pool was demolished to make way for a new stadium. ( Supplied: Swimming Pool Stories )

Mr Wilson said it was a tough choice choosing the winning design.

"It was chosen from a shortlist of four exceptional entries following a high-calibre international design excellence competition," he said.

NSW Sport Minister John Sidoti said the centre will be a community hub and both lap pools will be heated to allow swimming all-year-round.

"Parramatta deserves a pool which caters for competition, learn to swim classes, recreation and relaxation," Mr Sidoti said.

"The NSW Government and Parramatta Council are on the same page when it comes to delivering an outstanding all-year-round aquatic facility that gives the community what they have asked for."

The new pool is expected to be completed by 2023.

Watch The Pool on ABC TV Sunday September 22 and 29 at 7:40pm, or on iview.