Bringing St Kilda Football Club home to the Junction Oval will probably need federal support and possibly backing from private benefactors, Premier Denis Napthine has conceded.

Dr Napthine announced a $20 million election promise towards the $59 million redevelopment plan, that would see St Kilda move its administration headquarters to the Junction Oval with training at the adjoining Ian Johnson Oval.

Under the proposal, Cricket Victoria could negotiate a co-tenancy with the AFL, with the Premier flagging the opportunity to play Sheffield Shield home finals and womens and mens cricket at the Junction Oval.

Old Melburnians Football Club, which has pledged $250,000, would play games at the Ian Johnson Oval, under the proposal.

The AFL is managing the project and has committed $10 million leaving a shortfall of $19 million. Dr Napthine said Cricket Victoria, the Australian Cricket Association, the Melbourne Cricket Club and the City of Port Phillip were involved in negotiations about the project but said federal government financial support had also been sought.

"(AFL chief) Gill McLachlan is certainly working with other parties including the federal government and we, as a state government, will be making strong representations to the federal government urging them to participate," Dr Napthine said.

He described the project as a "win-win for all parties" describing the playing surface as one of the best but with "very tired" and inappropriate buildings.

St Kilda Football Club president Peter Summers said the Junction Oval was the "spiritual home" of the the club. He said the club had spent 90 years of its 141-year history at or near the site.

"There are very few opportunities that emerge to absolutely transform a club and this is one of those things," Mr Summers said.

Dr Napthine said Sheffield Shield home finals could be played at the oval in the future.

City of Port Phillip Mayor Amanda Stevens said the redevelopment of the Junction Oval was one of the city's priorities but said there were two proposals for the "iconic sporting" venue.

Labor has committed $25 million to an alternative plan, which would see Cricket Victoria and a community centre at the oval.

"While supporting the activation of Junction Oval, at this early stage we have not made a commitment, including funding, to either plan," Cr Stevens said.

"Any commitment would be contingent on the proposal benefiting our community and local economy," she said.

Fairfax Media sought comment on Saturday from both the AFL and Cricket Victoria.