The proposal involves selling off eight hectares of prime land for potential residential and commercial development, and using the windfall to pump back into the course.

The area is taken up by grandstands, members car parking and horse facilities.

Plans involve building a grandstand and redesigning the entire racetrack.

The club's ambitions will be made easier by the removal of the harness racing track, with the sport ending its long association at the venue on February 6 and cementing its move to Melton.

Number-crunching to determine the cost of the project is still being broken down, but it is expected to require about $150 million.

The project will be put before the club's committee at the end of February for approval.

As well as improvements to its track and amenities, the club has pledged to forge its niche in night racing, with increased meetings under lights on the horizon. The move will undoubtedly lead into the first running of a night Cox Plate, the club's signature race, which has been foreshadowed for some time.

Moonee Valley Racing Club chief executive officer Michael Browell said the club was hoping to secure its financial future for years to come while at the same time carving a niche as a night venue.

"The Moonee Valley Racing Club's ambition is to be a world class thoroughbred racing venue that is financially secure and prosperous and continuing to play an important role in the Victorian thoroughbred racing industry.

"[The club] has identified significant benefits in retaining and growing our night racing product. There are substantial financial benefits that are developing through the export of our night racing product through Asia and also parts of Europe.

"We see night racing as a tremendous opportunity to promote quality Australian thoroughbred racing around the world."

Moonee Valley's grand plans have seemingly caught many off guard.