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Newcastle Jockey Club is poised to accept a massive financial offer from Racing NSW to cease racing at the historic Cessnock course to make way for a state of the art pre-training complex.

Racing NSW CEO Peter V'landys has confirmed that the two parties have reached an "in principle" agreement that is expected to be finalised in coming weeks.

V'Landys said Racing NSW had a plan to convert Cessnock into a major pre-training facility with millions to be spent on its development, creating new year-round employment opportunities for the local workforce.

"This will be a major centre for pre-training. It's already got facilities and will certainly be used by a lot of trainers from the metropolitan areas," he said.

Newcastle Jockey Club chairman Geoff Barnett said money from the deal would finance the construction of 400 new stables and more than 100 raceday stalls at Newcastle's Broadmeadow racecourse.

Broadmeadow is the home of the NJC but the club also owns the Cessnock course where racing is conducted under the banner of the Wine Country Racing.

It is one of the oldest racecourses in NSW but is a financial burden to the NJC due to water shortages and ever increasing maintenance costs.

"We've had a lot of trouble getting enough water to keep the track in a good condition," Barnett said.

"It has been quite challenging. We have looked at fixing it, but it's such a massive job.

"I think everyone will be quite happy and comfortable with what the deal is.

"It's a large parcel of land, about 120 acres. It's level, there's a sand track and dam so it's got potential.

"It's so close to Newcastle, Wyong, Gosford and Muswellbrook and there's the expressway to Sydney - it's an ideal spot."