The Dublin Chamber of Commerce(DCC) has backed the proposal to build the National Stadium near the city and said the Phoenix Park would be an ideal location.
The DCC has also asked the Government to speed up their decision so that Ireland can meet the deadline for the Euro 2008 bid.
This follows this morning's report in The Irish Timesthat the Phoenix Park is being looked at as a possible alternative site for the controversial "Bertie Bowl" by a Government committee examine the multi-million euro project.
The committee is said to have looked at a number of alternative national stadium sites to Abbotstown and is to finalise its report today or tomorrow.
According to the DCC although there was support in principle for the original Abbotstown site, the general view among business was that it was the right project but in the wrong location.
"The Phoenix Park scores highly on all the factors needed for a modern stadium location," Ms Gina Quin, chief executive of the DCC, said.
"It is close to the city centre, with all of the support facilities of hotels, bars, restaurants and shopping. It is close to the national rail network served by Heuston Station with opportunities for direct rail access to the stadium.
"There is sufficient space to accommodate the stadium and its ancillary facilities without impinging on the open parkland nature of the Phoenix Park.
"It would be a tremendous boost for the city and the tourism industry if we were to secure the Euro 2008 championships. If we fail in that bid, the chance may pass us by," she said.