Usually it's just the racegoers who keep up to date with modern trends, but Melbourne's Flemington Racecourse will soon be joining in with a fresh new look.

Visitors at the 2017 Melbourne Cup Carnival won't be the only ones sporting something modern as the Victoria Racing Club (VRC) unveiled plans on Tuesday to replace Flemington's members grandstand.

VRC chief executive David Courtney said while new designs were still subject to approval, the club had opened discussions with Heritage Victoria.

"The existing stand is nearing the end of its useful life and a formal process for its replacement has been initiated with Heritage Victoria," Courtney said.

"The Club Stand marks the next step in the VRC's ambitious masterplan to ensure Flemington upholds its reputation as a world-class venue."

The new grandstand will double the 9000 square metre capacity of its predecessor but will have virtually the same footprint.

The project has been financed in part by the sale last year of surplus land to Chinese developer Greenland.

Subject to approval, construction is expected to begin after the 2015 Melbourne Cup carnival.