Construction of the 23,000-seat roofed stadium at Hobart's Macquarie Point is a condition of the state's licence for entry in the AFL in 2028.
A report by Tasmania's planning commission released on Monday found construction costs would blow out to $1.2 billion, beyond the government's flagged $775 million price tag.
Under the current process, the commission will provide a final assessment report in September after public hearings.
The stadium would then need to be passed through both houses of parliament to get the green light.
Minority Liberal Premier Jeremy Rockliff, who inked the deal with the AFL, on Wednesday said he had sought advice on how to progress the stadium outside the current process.
"I am considering all options," Mr Rockliff told state parliament.
"Given the significance of this project for Tasmania and Tasmanians ... I have sought advice and why wouldn't I?"
Mr Rockliff said he remained committed to ensuring the stadium would face a parliamentary vote and the current process remained the goal.
AFL CEO Andrew Dillon and Mr Rockliff on Tuesday were unmoved from their contractual agreement for a stadium but parties have acknowledged it has a tight timeline.
In a letter to members, Tasmania Football Club boss Brendon Gale said the commission report didn't take into account positives such as an uptick in junior participation.
"I cannot stress enough the importance of this infrastructure to our club - put simply, without it we do not exist," he said.
"The stadium will set us up for long-term success, an aspiration that we should all hold for our club."
The stadium is slated to be up and running for the 2029 season, with the state government liable for financial penalties if milestones aren't met.
Mr Rockliff has flagged the possibility of special legislation, which could get the project before parliament more quickly.
"After two days of grilling ... the premier has finally admitted he is looking at fast-tracking the stadium by using special legislation to directly approve the project," Greens leader Rosalie Woodruff said.
"The fact (Mr) Rockliff is considering special rubber-stamp legislation is a stunning admission from him that the stadium can't withstand the scrutiny of the community.
"He obviously wants to avoid the next steps, of public submissions, public hearings, and the final recommendation from the commission."
The Labor opposition, which seemingly needs to vote in favour of the stadium for it to pass the lower house, says it will "support the stadium through the parliament".
But the party has criticised Mr Rockliff's management of the project and said a change to the process would "risk the AFL deal".