Prime Minister Mahinda Rajapaksa headed a discussion on the proposed stadium with former cricketers, officials and other stakeholders.
The project had been initiated when Mahinda Rajapaksa was President but was later suspended.
The proposed international cricket stadium will initially have a seating capacity of 40,000 and will be able to host day and night matches.
Under the second stage, the stadium will have an additional 20,000 seating capacity, taking the total seating capacity to 60,000.
However, the project came under attack by former cricketers and others including former cricketers Arjuna Ranatunga, Roshan Mahanama and Mahela Jayawardena.