The announcement comes amid a community campaign to save the pool, known as the Parramatta Memorial Pool, which is to be demolished to make way for the new Western Sydney Stadium.

Premier Gladys Berejiklian said the $30 million pledge ensured the aquatic centre would be built and "users of the 60-year-old memorial pool will have a brand new state-of-the-art facility to call home".

Minister for Western Sydney Stuart Ayers, who first announced the replacement aquatic centre back in June, said the new facility represented "a massive win for residents and visitors alike".

"We committed from the outset to deliver a replacement facility as part of the Western Sydney Stadium project and now councils' investigations into potential locations and consultation have progressed to a good level, we can announce the funding to help deliver a new aquatic centre," he said.

Mr Ayers confirmed the government expected the facility would be built on the former Parramatta Golf Course.

But with construction expected to take several years, the community will be without a local Olympic-sized pool once the Parramatta Swimming Centre closes on Friday at 8pm.

North Parramatta Residents Action Group, which has opposed the closure of the pool since it was first flagged in February last year, has campaigned for the pool to remain open until the new facility was ready.

Until the funding announcement on Friday, residents feared the new aquatic centre would remain a pipedream.

The memorial pool first opened its doors in 1959. The local community have planned a farewell pool party, which will be held at the venue on Friday night.