But there are also fears losing the AIS Arena – the capital's biggest indoor venue – would leave a gaping hole in future bids to secure international sports or elite-level competition for Canberra.

Fairfax Media revealed on Wednesday the Australian Sports Commission is investigating ways to reinvigorate the AIS campus and has a handful of ideas for the 35-year-old AIS Arena.

The commission board will meet in December to decide whether to proceed with the volleyball overhaul, which is believed to be the front-runner, or pursue other options.

The news caught Canberra sporting officials and the ACT government off guard on Wednesday as they face the prospect of trying to attract big-ticket events without a 5000-seat venue.

Basketball ACT is still hopeful of securing future international and NBL matches, Netball ACT is keen to lure the Australian Diamonds back to Canberra and host domestic competitions, while Tennis ACT has investigated using the Arena as a showcourt for Nick Kyrgios matches.

Shifting focus to a volleyball centre rather than a basketball, netball, roller derby, futsal, concert, gala night and exhibition venue would restrict the Arena's versatility given the volleyball surface is softer and not as durable.

There would still be scope to host some basketball events and the commission will have a transition period to honour bookings if it proceeds with the volleyball plan.

The next biggest indoor sporting venue in Canberra has less than 2000 seats and Basketball ACT hopes to build a 2000-3000 seat showcourt at its Belconnen headquarters in the future.

"The AIS Arena is the only venue of that size we've got accessible for the sport and we'd love to keep it as a multi-sport and multi-event venue," said Basketball ACT president David Leaney.

"But volleyball has quite a lot in common with basketball and if volleyball was set up, it wouldn't be too hard to make it capable of hosting basketball too.

"It's a proposal only at this stage and it's good to have these sorts of discussions. These might act as a catalyst for the [stadium] developments in Civic."

Netball, however, is set to be left without a venue to host international matches given the Australian Diamonds can attract crowds of more than 10,000.

Netball ACT has secured the rights to host two matches of the inaugural Super Netball competition after striking a deal with the GWS Giants to shift home games to Canberra.

It is hoped the Diamonds will return, but Netball ACT general manager Adam Horner conceded the future of elite-level netball in Canberra beyond that period would become uncertain.

"It has definitely raised some questions about infrastructure here in the ACT," said Netball ACT general manager Adam Horner.

"...In order to make [Super Netball or international matches] beneficial, the minimum is about 4000-5000. A venue of 2000-3000 just wouldn't provide the venue to make it cost effective for us."

The government has a long-term plan to build a new convention centre and an indoor 30,000-seat stadium in Civic that will be capable of hosting rugby league, rugby union, soccer, concerts, functions and a drop-in court for netball and basketball.

Construction is unlikely to start until at least 2025 as the government focuses on the Mr Fluffy clean-up bill and its light-rail project.

The sports commission is trying to find ways to rejuvenate Australian sport after falling to a 24-year low on the Rio Olympic Games medal tally.

The AIS has been criticised for becoming a ghost town after implementing a Winning Edge strategy to redistribute funding to sports rather than hosting an AIS scholarship program.

But it is hoped the rejuvenation plan will revive the Bruce campus, with Volleyball Australia agreeing to move its men's and women's programs to Canberra and the ACT Academy of Sport also relocating.