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Perth's WACA Ground is set for a multi-million dollar boost as part of a city deal in the works between the Western Australian and federal governments.

Perth's WACA Ground is set to receive a $30 million boost from the federal government.

The funding injection is part of a yet-to-be-finalised Perth City Deal between the state government and Canberra.

Cricket Australia will kick in $4 million for the project, while the Western Australian Cricket Association aims to raise $10 million through the WA Cricket Foundation.

WACA also hopes the state government will match the federal government's $30 million commitment.

The redevelopment is set to expand the ground's community spaces and includes an indoor multi-sport facility.

"So many of us have a cherished WACA Ground memory and now we can retain its heritage and rich history, while creating a venue with a strong community focus that has multi-sport, gender equal facilities," WACA chief executive Christina Matthews said in a statement on Sunday.

Federal Finance Minister Mathias Cormann expects to finalise the Perth City Deal ahead of next year's budget.

"The WACA has put forward a great proposal with a great vision for this historic ground,' he said.