Dunedin could become the first city in New Zealand to have a sports stadium with a roof.

Plans for a new state-of-the-art multi-purpose stadium to replace Carisbrook have been unveiled, although the designs are yet to be drawn up.

The famous Dunedin stadium is set to be replaced by a new ground in the city's north near Logan Park, close to Otago University.

The project would be a joint venture between the University and the Carisbrook Stadium Trust.

Carisbrook Trust chairman Malcolm Farry says if they can have a retractable roof it will be the best stadium in the country and will be able to hold concerts or test matches without having to worry about the weather.

The estimated cost is between $150 to 180 million.

Farry says the ground would cater for up to 32,000 people, and the design brief is for the playing arena to shrink down to the size of a basketball court if needed.

Otago Rugby chief executive Russell Gray hopes the public get behind the ambitious venture.

It is hoped the stadium will be completed by the end of 2010, in time for the 2011 Rugby World Cup.