But commission boss Kate Palmer says the work is to identify the "most sensible approach" to ensure all assets are in a useable condition to foster a high-performance campus.

The AIS Arena will remain as a multi-purpose venue after the commission board opted against reinventing the 35-year-old stadium.

Volleyball Australia said it was willing to invest $1 million over a four-year period to create a 'Volleydome' home, adding its proposal would have allowed for concerts and other sports to continue using the arena.

But volleyball officials say they are now re-evaluating Canberra as the sport's base as they search for an upgraded facility to house its centre of excellence program and men's and women's national teams.

The ongoing strategic review of the AIS and its role in Australian sport has prompted rumours about whether the commission will investigate selling some of its assets.

Speculation includes the commission considering an option to sell Canberra Stadium, the AIS Arena and the AIS pool to the ACT government.

Any ideas for facilities or their futures are in their infancy, and Palmer reiterated the commission's long-term view for the AIS in Canberra as well as working with the government to create more content at its venues.

ACT chief minister Andrew Barr said in April he would be keen to buy Canberra Stadium if it was for sale, but the commission is only concerned about ensuring its marquee assets are continually upgraded.

The government and commission have just finalised a new lease for use of Canberra Stadium, which Barr said had changed from a $1 peppercorn arrangement to a $350,000 rental deal.

Palmer and the government said there was no proposal or plan to sell Canberra Stadium or any other major venue.

"We invest in assets every year and that's a significant amount of money in facilities," Palmer said.

"What we're trying to work out is what is the most sensible approach to keeping them in a condition that is useable for both high performance and community.

"We've analysed all of our facilities ... we do want the ACT government to continue using the facilities.

"Any conversations we've had has been around ongoing use and lease. We want the AIS Arena to be used by the community.

"It's about making sure we're really clear about what each assets are being used by who and our responsibility of maintaining them."

AIS director Matt Favier finished his tenure on Thursday and the commission is in the process of finding his replacement after an extensive international search.

The commission is also working on a national sports plan to build for the future, which could include funding via a national lottery.

All changes are designed to reinvigorate Australian sport after its worst performance at an Olympic Games in 24 years at Rio last year.

Volleyball Australia had hoped to use the AIS Arena as a base for its national and development programs after being approached by the commission to table a proposal.

The senior men's and women's team will play international matches at the AIS Arena in July and have had a relationship with the AIS for 20 years.

But volleyball said it was keen to use a roll-in, roll-out flooring at the arena while also sharing it with concerts, exhibitions, gala events and other sports.

"We're very disappointed, we were looking forward to having it as a facility," said Volleyball Australia boss Mathieu Meriaux.

"We want to clarify the proposal wasn't for exclusive use by volleyball, we were willing to accommodate for other sporting events to maximise use of the venue.

"We put the proposal forward on the request of the sports commission ... it was rejected and now we will work to find the best high-performance environment for these teams.

"We believe in the AIS brand, probably one of the sports that believe the most. We believe in the people and the structure. We enjoy being based in Canberra.

"We want to be here. We want to be a leading volleyball nation in the world, so we need a world-class facility."

Volleyball officials are also concerned about change room access and using courts which have not been updated since 1997.

Volleyball's funding was cut by more than $200,000 in the commission's allocation for the 2017-18 period.

"The [AIS Arena] is a really critical piece of infrastructure that caters for a range of sports," Palmer said.

"Although we'd love volleyball to have their own home in one place, it's important we think this through very carefully in the long term.

"We want to make sure any investment is made for the long-term future of the site. We're looking at the future of the programs and I've been in consultation with their [chief executive].

"If [volleyball] decides not having their centre of excellence on this site, we would support that. The infrastructure on the site suits their need. Albeit, I would agree an environment where they are all together in one place would be the preferred position for Volleyball Australia.

"...The investment required to upgrade the [AIS Arena] to the extent required is so significant we could not see a return on that investment in the short to medium term."