The British government is today expected to confirm the choice of the former Maze prison as the only viable site for a multi-million sports facility, a 35,000-seater stadium and business park.
Northern Ireland Office ministers Ian Pearson and Angela Smyth will now put the development out to tender. Mr Pearson said last night work is continuing in relation to the stadium and its viability, particularly in relation to getting agreement on the way forward with the key sports bodies in the coming months.
He said he could confirm that "we are now moving forward with this business planning work on the basis that, as far as sites are concerned, we are only considering the Maze/Long Kesh."
The development, which could cost up to £1 billion, is understood to require a significant sponsorship by a large commercial organisation, as well as on government commitment.
Although still at an early stage, preliminary discussions are already under way with the Royal Ulster Agricultural Society with a view to the society potentially relocating either part, or all, of its business activities to the site.
Plans for the development have the backing of the political parties including Sinn Féin, which is keen to retain a portion of the former prison where 10 hunger strikers died.
The major sporting organisations in the North have also signalled their support of the development.
The Maze site plan will include an international conflict resolution centre, equestrian facilities and an exhibition centre. These could be complemented by office, hotel, leisure, bar and restaurant facilities. An industrial park, which would aim to pull in outward investment, may eventually help create 5,000 jobs, according to one estimate.
The Maze site, adjacent to the M1 and its links to the west and south, is expected to prompt the development of a new rail connection.