Hawthorn have confirmed the signing of a historic construction contract that will see the club's training and administration facility completed by mid-2024.

The new facility, which will be built in Dingley, will begin construction in February next year as part of the deal with ADCO Constructions.

The Hawks are set to pay around $100 million for their new state-of-the-art home, the announcement coming a day after they announced that they were in the "strongest financial position" in the club's history.

Hawthorn parted ways with both the WestWaters Hotel in Caroline Springs and The Gardens at Waverley Gardens, selling their dual gaming venues for $32 million.

Speaking on Thursday, Acting President Peter Nankivell said the project would "revolutionise" the club.

โ€œThis is a significant moment for the club as we take another step towards making this dream a reality,โ€ Nankivell said.

"The Harris Elite Training and Administration Facility will give Hawthorn the best sporting facilities of any club in the country.

โ€œAs a club, we are incredibly excited to enter into this partnership with ADCO, an organisation that comes with an impressive reputation and great ability to bring a vision to life.

โ€œThis project will revolutionise Hawthorn's standing as a destination club and greatly enhance both our AFL and AFLW programs.โ€