The QVMAG has been identified as a priority project in the Northern Tasmania Development Corporation's (NTDC) Regional Priority Projects report.

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The funding request from NTDC is $70 million.

This project would see the construction of a contemporary addition to the Royal Park Art Gallery featuring a large multifunctional exhibition space, a cafe and retail space, and parking.

Chief officer of Launceston Chamber of Commerce Will Cassidy said the museum and art gallery is entwined with what makes Launceston great.

"We're a city that's steeped in heritage and history and culture. We have a thriving local art scene. And we have residents that are passionate," he said.

"We really need a museum and art gallery that's going to cater for the community."

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Mr Cassidy said the development would also be beneficial for short stay exhibitions, showcasing more art and attracting more visitors.

"We need a museum and art gallery that's going to drag people in because they want to see what's on display," he said.

Currently, the City of Launceston council is looking into the future of the museum.

"In respect of the future direction of the Queen Victoria Museum and Art Gallery, I can advise that the council has developed a draft QVMAG Futures Plan, which is currently undergoing final review," City of Launceston chief executive officer Michael Stretton said.

"We expect the plan will come back to the council in the near future and we will have more to say after that."

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The report wants to combine the redevelopment with contemporary marketing to develop new, modern programs and exhibition offerings, encouraging repeat visitation by locals and visitors.

Building fit-for-purpose facilities that encourage return visitation and a heightened sense of ownership by the Launceston community will support QVMAG, a national and international centre for research and education, to make the most of its unique and extensive collection.

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According to the report by NTDC, this redevelopment of QVMAG is expected to attract an additional 110,000 visitors a year, which would deliver $140 million into the local economy annually.

Should the project be fully funded this year, the timeline is for planning to be completed in 2022 for the redevelopment to start in 2023. The two-year project would be completed in 2025.

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