Christchurch Mayor Lianne Dalziel says a report has found restoring Lancaster Park would cost at least $250 million, making it uneconomic to do.
The February 2011 earthquake badly damaged the rugby and cricket stadium. It has sat static since, while the council fought with insurers about whether it should be rebuilt or fixed.
It was included in the Christchurch City Council's $635m insurance settlement last year.
A new multi-purpose sports facility was outlined in the government's central city blueprint in 2012, at a cost of $253m.
It was originally earmarked for completion in 2017, but council extended the timeframe to 2021.
At a media briefing today, Ms Dalziel said a report had found restoring the stadium would cost anywhere from $250m to $270m.
She said the figure made repairing Lancaster Park uneconomical, but no official decision on its future had yet been made.
The council would discuss the report, and what to do next, at a meeting next week.
Lancaster Park in 2016. Photo: Rebuild Christchurch