The Queensland and federal governments have struck a landmark $7 billion funding deal for major Brisbane 2032 Olympic Games venues.

However, the overhaul of the Gabba stadium will be solely funded by the Queensland government, while the federal government will create a new 17,000-seat Brisbane Live arena at Roma Street.

Another $2 billion has been earmarked to upgrade existing venues and build smaller facilities, the Courier Mail reported on Friday.

Prime Minister Anthony Albanese will visit Brisbane on Friday for the formal announcement alongside Premier Annastacia Palaszczuk.

Federal Sport Minister Anika Wells said the agreement would result in a 50-50 funding split, although the state government would go it alone on the Gabba redevelopment.

“It’s an agreement between the federal government and the Queensland government about how we’re going to pay for all of the infrastructure that the southeast Queensland venues will need to put on the 2032 Games,” she told ABC radio.

“We have decided that the Australian government are going to pay for Brisbane Live, and the Queensland Government are going to fund their redevelopment of the Gabba.”

Ms Wells said the funding arrangement would allow the creation of the Brisbane Live venue.

“Ultimately, it’s almost exactly 50-50 split when it comes to the money,” the minister said.

“The live venue, being the legacy piece after the Olympics and Paralympics have packed up and moved on, will allow Brisbane people to experience live music and culture at that place for decades.”

– AAP