Canberra reportedly sees itself as a "competitive option" in the race for the 20th license in the AFL competition.

Tasmania is set to become the 19th team in the league, and a likely push to restore an even number of clubs could open the door for another new side.

The nation's capital is keen to field a club in the ACT, despite its lucrative relationship with GWS, which dates back to the Giants' inception in 2012.

Previously, the Northern Territory has developed a strategic business case to assess its viability for an AFL side, while a third team in either South Australia or Western Australia have been floated as an option.

However, Channel 9's Tom Morris has outlined that Canberra will throw their hat in the ring when meaningful discussions take place in the future.

"Don't worry about Darwin or Bunbury, Canberra wants to have its own AFL team," Morris said.

"We know Tasmania is set to be the 19th license, but it won't be long before the subject of a 20th club gains speed.

"According to ACT Chief Minister Andrew Barr, Canberra should be strongly considered, and the territory believes that the tenure and $28.5 million deal with the Giants should limit this ambition.

"Barr said: 'If the AFL decides to expand to 20 teams, Canberra's proven support for the game, including growing membership, sellout crowds and infrastructure commitments, will speak for itself.'

"He said: 'We believe Canberra and the surrounding region would be a competitive option when that conversation occurs'.

"Put this in the time capsule until 2032, but until then, GWS will play three games there per year."

The Giants host three games per season at Manuka Oval, and would likely be the home of Canberra's side.

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The venue holds around 14,500 patrons, including its standing room, and is home to the historic Jack Fingleton scoreboard, which was originally located at the famous Melbourne Cricket Ground.

In 2012, the AFL and GWS partnered with the ACT government to redevelop Manuka Oval.

The redevelopment, aligned with the Giants' introduction into the AFL national competition, has seen the introduction of light towers for twilight/night matches as well as new reserved seating within the Eastern Hill Stands.

The Giants' poor win-loss record (17-21) can be attributed to their 'growing pains' on entering the competition, but they have turned the tide in recent years.

Star midfielder Tom Green grew up in Canberra and was a part of the club's academy before being taken with Pick 10 in the 2019 National Draft.

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