The Tampa Bay Rays are expected to announce the completion of a deal for a new stadium in St. Petersburg, Florida, on Tuesday, according to a report.

The construction of the 30,000-seat domed stadium, which is set to open in 2028 and is estimated to cost over $1.2 billion, should end speculation about the Rays leaving for another city.

The Rays' current 30-year lease at the domed Tropicana Field ends in 2027.

Rays owner Stuart Sternberg told the Tampa Bay Times earlier this month that the organization expected to "pay for half or more" of the cost for the stadium. The remainder of the cost will be contributed by the city of St. Petersburg and Pinellas County.