The Tigers are the latest club to propose a new, third AFL stadium for Melbourne.

The Herald has reported that Richmond has proposed a 40,000 seat stadium as an alternative to Eddie McGuire's proposed 60,000 seat retractable roof venue at the Melbourne Park precinct.

The proposed new stadium would be a redevelopment of Richmond's current base, Punt Road Oval.

Importantly, unlike McGuire's plan, the new stadium would not require the selling of Etihad Stadium.

The plan would also include a fan zone are between the MCG and Punt Road Oval and an upgrade to Richmond railway station.

โ€œIs a third stadium worth exploring? I donโ€™t know, that will be up to the AFL, but we want to be in the discussion,โ€™โ€™ Richmond chief executive Brendon Gale told the Herald Sun.

"We are in the process of developing a master plan for this precinct.

โ€œPunt Rd should be in the frame. Itโ€™s an existing venue, it wouldnโ€™t require the selling of Etihad, and the Richmond railway station has been the agenda for a number of years and maybe this gives the government the opportunity to redevelop that.

"The economic impact of this game is huge, $3 billion, half a million members, how many fans are there in Victoria?

"This game is a huge driver of this economy. And I think we're entitled to question the extent our government invests in football relative to other states."