The UK government has allocated £50 million for the reconstruction of Casement Park in west Belfast.
The money was included in the Chancellor of the Exchequer Rachel Reeves' spending review, which outlines the British government's spending plans over the coming years.
It is expected that the 34,500 capacity stadium will cost almost £270 million to construct.
The GAA has welcomed the investment, however a shortfall of approximately £100 million remains.
The stadium, the home of Antrim GAA, has been derelict for over a decade.
The Irish Government has pledged around £43m (€51m), the Stormont Executive £62.5m (€74.2m) and the GAA £15m (€17.8m).
GAA president Jarlath Burns has welcomed the announcement but warned that more may be needed to finally see ground broken on the project.
"We're now back into the position of spectator because the British government have said what they're giving," said Mr Burns.
"The Irish Government have said what they're giving.
"The executive now have to meet, and it's between really the two government parties to decide how they are going to make up the deficit that still exists between Casement Park not being built and Casement Park being built."
"Time literally is money here," he added.
It was hoped that the stadium could have been redeveloped for Euro 2028 but this did not come to pass.
British Prime Minister Keir Starmer said that he wanted an "alternative proposition".
Northern Ireland Secretary Hilary Benn has been among cabinet members pushing for increased funding for his department, including money for Casement Park.
However, Mr Benn has previously stated too that the UK government cannot plug the full £140m gap.
The Stormont Executive committed to redeveloping Casement Park in 2011 as part of a strategy to revamp football's Windsor Park and the rugby ground at Ravenhill.
While the two other Belfast-based projects went ahead, the redevelopment of Casement was delayed.
Intense lobbying efforts have been under way in recent times, with Ulster GAA visiting Westminster last week, to press politicians on the need to include a significant allocation in the spending review.
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Last week, Northern Ireland First Minister Michelle O'Neill also called on the UK government to provide substantial funding to help rebuild Casement Park.
Taoiseach Micheál Martin stated last September that he would not rule out further money being provided by the Irish Government.
The 34,500 capacity stadium has planning permission until July 2026 so it is hoped construction can start before then.
This afternoon's Spending Review will be a pivotal moment for the UK government, as it maps out its day-to-day spending and investment plans for much of the remainder of the parliament.
Defence, health and infrastructure are likely to be prioritised, in what is otherwise a constrained spending package.
