The RDS in Dublin is currently looking for new ways to come up with the estimated €20m redevelopment cost.
All options are on the table included naming the facility after a sponsor in the tune of the O@ or now 3 Arena.
RDS chief executive, Michael Duffy told Irish Times that the company will apply for a sports capital grant.
It is currently working with the economic consultancy firm, Indecon who are carrying out a cost-benefit analysis to support an application for public funding.
The venue is home to the Leinster Rugby team and the Discover Ireland Dublin Horse Show.
It is likely to be central to Ireland’s bid to host the 2023 Rugby World Cup.
Mr Duffy says: “This is a very significant development for the RDS and it is up to the RDS to fund it.”
He adds: “We certainly will be looking for some support from the Government. We will be examining the economic benefits and what level of exchequer funding it could support.”
The project is set to begin in 2016 and will take 18 months to complete. The stadium will remain open while the work is carried out. The revamped grounds will have a capacity of 25,000. www.rds.ie