The Australian media reported that a report submitted by a major task force, which is investigating new entertainment and sporting venue options, recommended the plan to the Western Australia government on Thursday.
WACA chief executive Graeme Wood said the report, if accepted, would mean the end of the WACA ground which has been the 'home' of cricket in Western Australia since the early 1890s.
''It hasn't done anything good for domestic cricket, it's only just for international cricket,'' Mr Wood said.
''All these things would need to be weighed up,'' he added.
The report recommends to built up a new multi-purpose stadium with moveable seating arrangemets within the next four to five years.
The Task force chairman John Langoulant had urged all the sporting bodies of the country to support the report, which encourages the WACA to sell its ground to the highest bidder and use the funds to develop domestic cricket.
He said cricket fans would enjoy the facilities at the proposed multi-purpose stadium.
Meanwhile, WA Football Commission chief executive Wayne Bradshaw said he will look into the recommendations with an open mind and after consideration, a decision will be taken on the best possible option.
''I think there are different models that can be put forward,'' Bradshaw said.
However, WA Sport and Recreation Minister John Kobelke said the new stadium would only be built after receiving a commitment from Australian sports bodies.
''They (the sports bodies) therefore need to go through the report in detail and need to enter into discussions with myself and the government as to how we can get a high level of consensus on the site,'' Kobelke said.