The City of Launceston Council has proposed a $208 million revamp of the stadium, which includes a $99 million facility that will have three courts for basketball and netball among other indoor sports and events.

Basketball Tasmania chief executive Chris McCoy said the possibility of the facility was really exciting.

"There's no doubt that we need more places to play," he said.

"Not only participation facilities but the high-end as well ... this one touches on the high-end facilities we need for basketball.

"A high performance centre, a place for the JackJumpers to play, a place for the Tornadoes to play and also a place we could hold some Australian national championships as well in conjunction with Elphin [Sports Centre]."

The three-court complex could also double as a 5000-seat capacity one-court stadium.

McCoy said the development wouldn't go all the way in mitigating the North's court shortage, which was highlighted in a 2018 state government report.

"But it certainly takes some of the pressure off with some high-end activity," he said.

Both Basketball Tasmania and the JackJumpers plan to make basketball the state's number one sport by 2024 - McCoy said the facility would go a long way to help that campaign.

"At the moment, the JackJumpers would need to play out at the Silverdome, which doesn't quite meet the requirements," he said.

"The modern-age facility needs to be new, vibrant and in a great location - this would tick all those boxes."

Netball Tasmania chief executive Aaron Pidgeon said the sporting body hadn't been engaged about the precinct yet, but was hopeful for any possible development of indoor facilities.

"We're all for the development of more indoor netball facilities in the state," he said.

City of Launceston chief executive Michael Stretton said feedback from indoor sporting groups had been positive so far.

"Certainly all the indoor-based clubs, they understand the needs," he said.

"They're the ones that have the pressure around finding courts for their players and the different sports are needing to compete over the days and weeks to be able to find time so they're very supportive."

Council intends to seek federal and state government funding for the project, as well as transfer ownership to the state.