An AFL statement said the league had "secured in-principle support from the City of Monash and Heritage Victoria to seek expressions of interest in the future sale or development of Waverley Park".
The ground, a much-maligned AFL venue in Melbourne's eastern suburbs from 1970 to 1999 which was said by fans to have its own "rain belt", has not been used for AFL matches since the end of the 1999 season.
The AFL have since scheduled many of their important matches at the new Colonial Stadium in central Melbourne, which opened last year with a retractable roof and a specially-laid playing turf which was heavily criticised by players for sliding under foot.
"The current state of the facility is not as we would like - and not the way we would like to have Waverley Park to be remembered," AFL chief executive Wayne Jackson said.
"Its future development will be cognisant of heritage values - and appropriate recognition will be made of the social contribution Waverley Park has made to its local community, Victoria and to AFL football."
Heritage Victoria has outlined conservation objectives for Waverley Park which include exploring ways in which the playing area is retained as a local sports/recreation facility and developing "an appropriate exhibition to highlight the history of Waverley Park".
Jackson added: "Waverley Park is an important part of our history - and we have always intended to recognise its heritage.
"We feel we can now move forward with respect for our past."
Reuters
The AFL said on Wednesday it would seek expressions of interest at the end of the month as part of a plan to sell Waverley Park for up to $80 million.
