Stuart Ayres told a budget estimates hearing that the state had received a heads of agreement between the venue's operators and the Sydney Cricket and Sports Ground Trust that would allow the lease to "come back to government".

"Whether it includes acquisition of the individual asset or acquisition of the business is subject to evaluation by government," Mr Ayres said.

The comments come ahead of an imminent announcement about how the state government plans to overhaul the running of Sydney's stadiums.

Mr Ayres also confirmed it had received an advisory report by former Liberal leader John Brogden and this was to be assessed by cabinet.

The Baird government promised to spend at least $600 million on stadium upgrades in Sydney, though it is yet to say how it will split the money between ANZ Stadium at Sydney Olympic Park, Allianz Stadium at Moore Park and Pirtek​ Stadium at Parramatta.

Fairfax Media has reported there are plans to upgrade or rebuild Allianz Statium to a capacity of about 60,000. The Roosters, Rabbitohs and Dragons would all be encouraged to play home games there.

The lease holders of ANZ Stadium, ANZ Bank and the Diversified Infrastructure Trust, unsuccessfully tried to sell the lease back to the government for $100 million two years ago. However, that value would likely fall as the lease's 2031 expiry draws closer.

Premier Mike Baird said this week the government was "getting very close" to an announcement on stadium funding and was "very pleased with the progress".

"We want to be the best city in the world and, as part of that, you need sports facilities, you need cultural facilities," Mr Baird said. "Our facilities will provide that opportunity."

Under the terms of the original 1996 deal to build an Olympic stadium at Sydney Olympic Park at a cost of $100 million to government, ANZ's private operators would be owed millions in compensation if its rivals underwent significant upgrades.

This would be triggered by investment such as increasing the corporate area of Allianz Stadium by 30 per cent, or boosting the seating capacity of  Pirtek Stadium at Parramatta to 35,000.

Alternatively, the state government could instead buy out the remaining 16 years of its lease.

"There is a heads of agreement between the Sydney Cricket and the Sports Ground Trust and the owners of that [ANZ Stadium] lease to allow for that lease to come back to government. That is being assessed by government at this stage," Mr Ayres said.

The minister cited an offer from the leaseholder and a desire to consolidate the management and operations of Sydney's stadiums under a single governance model as reasons why the government would consider buying the venue.

"Also we might want to consolidate the operation of the ANZ stadia into one of the other governing bodies—that is, Venues NSW or the Sydney [Cricket and] Sports Ground Trust—to provide greater efficiencies," Mr Ayres said.

"It's critically important that Sydney, and particularly NSW, stays competitive in the premium sports content market and we have the most efficient use of taxpayer funds."