A deal has been struck to free up land on Wynyard Point and pursue the possibility of a new option for the America's Cup bases.

The Government and Auckland Council are pursuing an option that provides for at least seven syndicate bases around two basins in the Wynyard area with provision for restaurants and bars, public viewing, and hospitality areas.

Dutch company Stolthaven Terminals has agreed to vacate its southern tank farm site on Wynyard Point early.

"The deal which sees Stolthaven Terminals vacate the premises earlier is great for Auckland regardless of where the bases for the America's Cup will be," Mayor Phil Goff said.

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"It is a good legacy for our city."

The deal also clears the way for more land-based locations for America's Cup bases and reduced the proposed extension to Halsey Wharf from 75m to 35m.

Economic Development Minister David Parker says the proposal is a win-win for all parties involved.

"Our main aim alongside creating a top-class venue for Team New Zealand and the Cup defence in 2021 and, hopefully, beyond," Parker said.

Reducing costs and environmental impact while offering an excellent venue for the Cup defence is the main focus of talks.

Parker said that he was very pleased to have proven that there was an option that has less intrusion into the harbour, gets rid of the tank farm early and is cheaper.

"We're yet to meet final agreements with either the council or Team New Zealand - but certainly, this is progress," he added.

The relative cost of the proposal is expected to be around $20 million less than the Basin option before putting a value on the harbour intrusion - which had been significantly reduced.

Parker says that it could have been possible to have a smaller extension of Halsey Wharf, but the Government is prepared to compromise for Team NZ.

Under the hybrid option there is no change to Hobson Wharf, which will be extended by 75m with plans for a permanent home for Team NZ.

"The Wynyard hybrid option proposal reduces the need for large extensions into the harbour while creating a vibrant and connected America's Cup village that competitors and the public can enjoy," Goff said.

"With Stolthaven Terminals vacating its premises we are able to reclaim previously unusable land on Wynyard wharf and accelerate aspects of the redevelopment of Wynyard Point that will create a lasting legacy for Auckland after the Cup.

Economic Development Minister David Parker says the proposal is a win-win-win for all parties, reducing costs and environmental impact while offering an excellent venue for the defence.

"I believe the proposal will create a legacy for Auckland and all of New Zealand – our main aim alongside creating a top-class venue for Team NZ and the Cup defence in 2021 and, hopefully, beyond," Parker says.

Goff has discussed the Wynyard hybrid option with Auckland's councillors and it will be considered by council's Governing Body in the near future.

The Government and Auckland Council will continue discussions with Emirates Team New Zealand.