The Government is set to hand over its interest in Eden Park stadium and Queens Wharf to Auckland Council.
No money is changing hands in the deal which is worth more than $30 million.
The Government plans to gift to Auckland Council its half share in Queens Wharf, and The Cloud function centre.
Radio New Zealand News understands it will also hand over five seats it controls on the Eden Park Trust Board which owns the country's biggest stadium. The board has nine members.
This means the Government would effectively divest itself of two major investments made for the 2011 Rugby World Cup.
Sports Minister Murray McCully said on Tuesday the Government will not help with the financial running of Eden Park, if Auckland Council assumes control.