As revealed by The Daily Telegraph, the world-class venue, slated to open in 2022, will aim to offer an unrivalled experience to players and fans alike.
With a high-tech roof lit from the underside to reflect the home team's colours, solar panels and structural design to complement the nearby Centennial Park and Harbour Bridge, the government expects the SFS to attract more than $1.2 million people per year.
"This stadium will kick [Queensland's] Suncorp Stadium into reserve grade," New South Wales Sports Minister Stuart Ayres said.
"From technology and design to amazing views, it's nothing short of world class."
With the cost to knock down and rebuild the stadium closing in on $730 million, Ayres assured the state-of-the-art structure would "offer an experience like no other".
"The new Sydney Football Stadium will set the standard for rectangular stadiums in Australia," he said.
The Sky Blues vacated current home Allianz Stadium earlier this year, after losing out to eventual champions Melbourne Victory 3-2 in the A-League semi-final.
Construction will take place after the venue's demolition in January 2019.