AFL BOSS Gillon McLachlan says "there's a chance" the League will take ownership of Etihad Stadium by the end of the year as it aims to revamp the Docklands venue.

Reports have suggested the AFL could pay $150 million to own the stadium but McLachlan said the League was still negotiation with stadium management. 

Under the terms of the original deal, the AFL can take over Etihad for only $30 in 2025, but has been jockeying for an earlier release for several years.

"We've always said at the right price we'd like to do it. We've been pretty consistent with that message for a long time," McLachlan told 3AW on Friday. 

"I don't know [if it will happen before the end of this year]. There's a chance. There was a chance six months ago and a chance a year ago. We just keep chipping away. There's a chance."

The AFL has already investigated ways it can revamp the Docklands venue and adjoining area to better interact with the precinct if it takes early ownership of Etihad Stadium.

Tenant clubs have long been calling on the League to take over so they can improve their gate returns from games. McLachlan said the stadium, which opened in 2000, needed some updating.

"There's a whole series of aspects that need upgrading. We want to do deals with the tenant clubs so they can make more money," McLachlan said.

"We'd like to work with the state government in partnership so the stadium worked more seven days a week and 365 days a year and interacted with the precinct better and stopped being a blockage to the development of New Quay.

"We want to have certainty around access to other sports and events and work with promoters, so we think there's a lot of things we can do."