NASHVILLE, Tenn. -- The Tennessee Titans have an agreement in place with Nashville Mayor John Cooper to build a new stadium according to a report by Axios.

The 1.7-million-square-foot stadium will have a dome, making it possible to host a Super Bowl and other major events year-round. It will be located east of Nissan Stadium along the East Bank.

The project is said to cost up to $2.2 billion and must be approved by Metro Council.

Titans ownership has reportedly agreed to put up $800 million to help fund the project. The stadium also will be funded by a $500 million investment by the state.

Other funding includes a 1% tax on local hotel room rentals in Davidson County along with sales taxes collected within the new stadium.

The deal is a result of Nissan Stadium needing renovation after 23 years of wear and tear. A provision in the current lease requires the stadium's condition to be kept on par with other sports venues built around the same time.

That project was going to cost approximately $1.8 billion over the next 17 years. Cooper called it "financially irresponsible" to renovate Nissan Stadium instead of building a new facility, which supporters say would attract more tourists year-round. But the Nashville Metro Council has reportedly been reluctant to approve more big spending for tourism projects. The new stadium would represent the largest building project in Metro history.