Ireland’s first-ever indoor cycling track is to be developed at the National Sports Campus in Dublin.
The National Velodrome Centre in Blanchardstown will be made up of a 250-metre cycling track.
The development will also include a state-of-the-art badminton centre.
The centre will have spectator seating and ancillary facilities and is scheduled to be completed in 2027.
As Ireland continues its medal sweep at the Paris Olympics, the development means Irish track cyclists will no longer need to travel abroad to train.
Sports Minister Catherine Martin said athletes should have the best training facilities to reach their goals.
"As we proudly support Team Ireland at the Olympic and Paralympic games in Paris, the National Velodrome and Badminton Centre will support the next generation of athletes," she said.
"The National Velodrome and Badminton Centre will provide state-of-the-art track cycling facilities for our cycling athletes who currently have to travel abroad for both training and competition, as well as providing the sport of badminton with a permanent home featuring integrated training, gym and medical facilities.
"The funding provided to build these training facilities will allow athletes in both sports to reach optimal performance levels on the international stage," she added.
The National Velodrome and Badminton Centre project will now proceed to tender.