Instead it has recommended a $3 billion-plus venue be built in an inner-Brisbane park as the 2032 Games centrepiece, saying it will have the potential to rival the Melbourne Cricket Ground.
State cabinet on Monday are set to consider the findings after the 60-day review led by former Brisbane lord mayor Graham Quirk provided 30 recommendations.
Steven Miles ordered the review in December after taking over as Queensland premier following backlash over a proposed $2.7 billion Gabba rebuild plan for the Olympics.
Opponents had complained about the price, which was almost triple what was first estimated.
The review on Monday revealed a Gabba rebuild would cost even more, blowing out to almost $3.4 billion.
The 42,000 capacity Gabba, first built in 1895 and revamped in 1995, was in "poor condition" and nearing the end of its design life, the review said.
The initial plan was to rebuild the Gabba for the 2032 Games, forcing Brisbane's AFL and cricket to find a temporary home.Â
But the review said due to capacity, connectivity, access and operational issues the Gabba would still not be "international standard" even if completely reconstructed.
As a result, it recommended that when an alternative stadium becomes available the Gabba should be demolished and the site repurposed.
"The Gabba will reach the end of it's life by 2030," Mr Quirk told reporters on Monday.
"Even if you keep it going beyond that date with some upgrades at some stage the Gabba is going to need to be replaced and it is never going to be a tier one stadium because of the limitation of space."
The review said a better legacy investment for a stadium would be realised at former inner Brisbane golf course Victoria Park, claiming it could "rival any in Australia".
"Integrating a new stadium within ... revitalised Victoria Park parklands has significant potential to create something truly unique in Queensland and to rival iconic parkland stadiums, such as the MCG in Melbourne," it said.
The proposed 55,000 capacity stadium would be "marginally more expensive" than the Gabba plan at $3.4 billion but would include a warm-up area for Olympic track and field athletes.
"We believe the construction time will be about three years. It's a greenfield site, you've got no restrictions, no limitations of space as you do at the Gabba," Mr Quirk said.
The Victoria Park plan has already sparked controversy, with former Queensland premier Campbell Newman calling it "disgraceful".
The recommendations also include relocating the proposed $2.5 billion Brisbane Arena, which is set to host the Olympic swimming.
The 15,000-seat venue was initially set to be built over inner-city Roma Street rail lines, but the cost looked set to blow out to more than $4 billion.
About 200 buses were also set to replace trains for 40 per cent of busy Roma Street services for more than two years.
Instead, the review recommends Brisbane Arena be relocated to a nearby council depot site to the north of Roma Street Parklands.
The review also did not support International Olympic Committee vice-president John Coates's suggestion that 1982 Commonwealth Games venue, the Queensland Sport and Athletics Centre, be revamped to host track and field.
"An upgrade of the QSAC Stadium does not represent value for money," it said.
It is not yet known if the government will accept the report's 30 recommendations.
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