The much-anticipated Traralgon pool will feature eight Olympic-length lanes and seating for 500 spectators along with a host of modern features.
Latrobe City Council and the Latrobe Valley Authority unveiled early architectural designs for the two facilities at an event on Tuesday, including Gippsland Regional Aquatic Centre, to be located at Hubert Osborne Park, and the Traralgon Sports Stadium, in Catterick Crescent.
Contractors are also now able to bid for tenders to construct the aquatic centre and perform the upgrades to the sports stadium.
The aquatic centre designs include an indoor water play zone, a warm water pool, a designated 'learn to swim' pool, spa and sauna areas, a wellness centre, a café and retail precinct and wet and dry change facilities.
Concepts for the $17 million upgrade to the Traralgon Indoor Sports Stadium were also unveiled and include a four-court extension, a new show court, spectator seating and associated amenities.
Mayor Darrell White said the designs were "very cool".
"I would like to claim we already are [a sporting mecca in Victoria] but I think that we can build on that with these sorts of facilities," he said.
"When you look at the images there? they are fantastic aren't they. This will really be a means by which we will be able to attract significant new events to our municipality as well.
"As I said before, it is about having significant assets available to our community but for us to be able to attract people from elsewhere around the state and beyond for that matter to be able to come here for substantial events."
LVA chief executive Karen Cain said the pool was expected to be finished by 2020.
"Traralgon is seen as one of the best places for sporting competition in swimming in both Gippsland but also state-wide. So having state-of-the-art equipment and competition-level architecture ... is extremely important to this community," she said.
"I think one of the aims has been, not only for our local community, but to increase visitor economy here."
Both projects will use 90 per cent local content as designated Victorian Industry Participation Policy initiatives, with funding for both projects coming out of the $85 million Latrobe Valley Sports and Community Initiative administered by the LVA.