A $350 million redevelopment plan for Sydney's ANZ Stadium would generate an electric EPL-like atmosphere inside, according to former Socceroos star Brett Emerton.

ANZ Stadium boss Daryl Kerry is confident he has a "compelling" case to secure the necessary $250 million loan from the NSW Government to transform the 15-year-old Olympic venue into "the best multi-sport stadium in the world".

In addition to hosting major sporting events, the proposal includes plans for a new retractable roof, to be available for concerts, and the outside precinct to feature restaurants and cafes for 365-day-a-year use for the millions of people living in western Sydney.

Above all, though, Emerton envisages the new rectangular design, including seating just five metres from the on-field action, to create a playing and viewing experience similar to that in the English Premier League.

Emerton said the revamped stadium would rival Wembley and Arsenal's Emirates Stadium.

"I know in my time, especially in the UK, all the stadiums were rectangular and fans had that interaction with the crowds. That's what it's all about," the retired Socceroo said on Tuesday.

"It's a shame I'm not going to get to experience it as a player. But, as a fan, it's going to be just as good.

"It would be a really special stadium. It's exactly what Sydney needs."

Under the ambitious proposal, ANZ Stadium would also become "a technological super zone" with LED facilities to match London's Olympic Stadium.

While admitting, with a state election looming in March, it was the ideal time to lobby the government for the quarter-billion-dollar loan, Kerry said "you don't take that for granted - it is public money".

If successful, the stadium would remain operational throughout redevelopment but capacity would be reduced from around 80,000 to 55,000 in 2017.

The redevelopment - which would also generate an estimated 17,000 jobs - would be complete in 2018.