A formal offer has been made by Brisbane City Council to buy the seven-hectare location in the West End of the city, it has been confirmed.

Lord Mayor Adrian Schrinner told ABC Radio that the Council had made a formal offer to purchase the site in Montague Road.

"We have made a formal offer to purchase the site," he said.

“We’re waiting for the approval. It’s progressing through.

"We’re hopeful for a positive outcome very soon."

The site was identified as the venue for the IBC earlier this year and steps are now being taken to formalise the plan.

It is claimed that the property, which is 57,000 square metres, would offer an "attractive location within walking distance of five venues" and meet the needs of the IBC.

In July, shortly after Brisbane was awarded the Olympics, Queensland Treasurer Cameron Dick warned it "sent the wrong signal" to discuss closing down industrial estates and putting workers out of jobs "six days into a 4,000-day project".

But Schrinner claimed the factory had another site in south-east Queensland to which it could be relocated.

"Any arrangement that we would enter there would allow them to stay for a period of a number of years, so they can have their alternative facility being constructed," he told ABC Radio.

"So, we’ll be very reasonable with that."

It is claimed that Brisbane hosting the Olympic and Paralympics could be the catalyst for television stations to relocate their transmission towers from Mount Coot-tha closer to the city in preparation for the Games in 11 years’ time.

For this year's re-arranged Olympic and Paralympic Games, the IBC and Main Press Centre (MPC) was located at the Tokyo Big Sight.

The facility is the largest convention centre in Japan and the city had invested in substantial upgrades and changes to the facility in order to handle the needs of broadcast production.

Post-Olympics, the IBC in Brisbane will be converted to a parkland precinct, it is planned.

"This new area on the banks of the Brisbane River is precisely the type of legacy they envisaged, great new assets that would benefit all residents and make our wonderful city even better," Schrinner said.

It is planned that the Brisbane Convention and Exhibition Centre would be used as the MPC, with shuttle buses proposed to ferry people between there and the IBC.