The Penrith Panthers and New South Wales Government have confirmed plans for the significant stadium upgrade that will take place at the foot of the mountains in the near future.

While the previous state government had committed to a rebuild of the stadium, that has been knocked back to an upgrade of the precinct at Penrith.

The club confirmed on Wednesday morning that plans for the upgrade are now in place, with the western grandstand to be rebuilt in its entirety.

The eastern grandstand at the regularly sold-out facility will also be refurbished, which will increase the stadium's capacity to 25,000, something the Panthers have been crying out for in recent years with tickets at times difficult to come by for matches hosted by the now three-time premiers.

The club confirmed the grandstands on either side of the ground will also be steeper following the completion of the works to bring a better view of the action, while more food and beverage outlets will also be available.

In what is a win for fans, the hill at both ends of the ground will also be retained after feedback from fans.

New scoreboards, sound systems and upgraded lighting will also be part of the redevelopment of the precinct, while new and increased change rooms will also help grow female representation in the area, with Penrith likely to apply for a women's team in the next round of NRLW expansion.

In total, the project will cost $309 million, with the stadium to close after the 2024 NRL season and re-open in 2026. It's believed the Panthers will play out of Parramatta's stadium during 2025.