The stadium would also play host to international soccer, rugby and Gaelic matches as well as events like rock concerts.
A multi-sports stadium at the Maze could be a step closer after the Royal Ulster Agricultural Society (RUAS) said it wants to move to the site.
On Wednesday the planning service approved a plan to build 140 houses on the current home of the RUAS - the Balmoral showgrounds in South Belfast.
The houses will be built behind the King's Hall.
The plan will go before Belfast City Council later this week, then the RUAS members will make their final decision.
The plan to build homes could net the society millions of pounds and will allow the farming society to develop a new showground and exhibition complex away from the congestion of south Belfast.
The King's Hall site has been home to the Balmoral show for over 100 years.