Eureka Stadium could host AFL, A-League and cricket matches under a new $31.5 million Labor party election pledge announced on Tuesday.

Opposition leader Daniel Andrews vowed to transform Ballarat’s precinct in the multi-million dollar upgrade that would see a new 5,000 seat grandstand, lights, a video scoreboard and more.

“Only Labor will rebuild Eureka Stadium and make Ballarat a national sporting capital," Andrews said.

“We’ll make bringing AFL, A-League and Super Rugby games to the Eureka Precinct possible and cater for international acts and tournaments."

Labor State Wendouree MP Sharon Knight agreed it would be a win for regional Victoria.

“We want to see our AFL and A-League stars play at our local ground," she said.

“It’s great for jobs, tourism and the local economy – and it’s great for Ballarat."

The Kangaroos have reaffirmed their interest in playing home-and-away games at the venue.

“We’re still supportive of the concept of playing football in North Ballarat,” North’s CEO Carl Dilena told The Age’s Caroline Wilson.

The entire North Melbourne list, coaches and staff have travelled to Ballarat for community camp for the past six years, with the club holding strong ties to the region.

In February, the Kangaroos hosted a crowd of almost 8,000 to their NAB Challenge clash against Carlton.