Two months after unveiling a divisive $2.7 billion Gabba rebuild, Queensland premier Steven Miles says the state government may have "got that wrong".
Mr Miles has asked a review team to find a better option, saying he would prefer Brisbane's iconic sporting venue was not reconstructed for the 2032 Olympics.
Former Brisbane lord mayor Graham Quirk will lead a 60-day 2032 Olympic infrastructure assessment from Thursday, with the Gabba set to top his list.
When still deputy premier in November, Mr Miles announced the Gabba would be demolished and reconstructed, forcing Brisbane's AFL and cricket to find a new home.
But Mr Miles ushered in the 2032 review soon after taking over as premier from Annastacia Palaszczuk, who was also the Olympics minister.
Under the current plan Brisbane's AFL and cricket will need to find a temporary home for years with the Gabba out of action from 2025 to 2030.
"I'm willing to acknowledge that we underestimated the impact of this on those codes and on those teams," Mr Miles told reporters on Thursday.
"That's one of the things that has led me to make this decision to review the plan.
"I think it's a good thing that a leader is willing to say 'maybe we got that wrong, can someone else have a look at it' and that's what I am doing."
Opponents have called for the Gabba reconstruction to be axed because of escalating costs after the plan's initial $1 billion price tag blew out to almost three times that estimate.
"Queenslanders are concerned about that level of expense. I certainly am too," Mr Miles said.
"I repeatedly asked if there were any other options and all the options that were brought back cost similar amounts for a worse outcome.
"I'm hopeful this independent review process, this fresh set of eyes ... can come back to us with options ... that is better value for money."
Mr Quirk - assisted by experts Ken Kanofski and Michelle Morris - will report to Development and Infrastructure Minister Grace Grace on March 18.
Mr Miles said he would accept the review's recommendations, even if it meant axing the Gabba rebuild.
"My preference would be that they come back and say 'actually there is an alternative' ... in which case I will take that advice," he said.
"My preference is to find a better value-for-money outcome."
The premier said he called for the review to ensure the Brisbane Games united Queenslanders.
"Brisbane 2032 will be the best Olympic and Paralympic Games ever," he said.
"But concerns about the cost of some venues have made it a divisive issue in the Queensland community - I want to change that."
Mr Quirk - Brisbane lord mayor from 2011-2019 - was a catalyst for a Brisbane Olympics when he oversaw a 2015 feasibility study.
"Many people call him the father of the Brisbane Games and I can't think of anyone better to lead this review," Mr Miles said.
Other proposed Olympic venues to be assessed include the inner-city $2.5 billion Brisbane Arena set to host the 2032 Olympic swimming.
Projects will be evaluated on whether they can be delivered, provide value for money, are fit for purpose and create a "substantial legacy".
"I will not be seeking any extension of time; 2032 is not going to wait for us so each day counts," Mr Quirk said.
