The Minister for Sport expects to have the final review of proposals for building a new national stadium by the end of June.
Mr O'Donoghue will then bring proposals to Cabinet and the Government will "make a decision in its own time and wisdom".
He has denied Opposition allegations that the Government is "dithering" on the project. Fine Gael's spokesman, Mr Jimmy Deenihan, said that after four years the time for such dithering, "spinning, posturing and procrastination" on the issue was over.
Mr Deenihan called for the Minister to reject the reports that the stadium plan was axed because the PDs had "baulked" at the €500 million cost.
He added that but for the "meddling of the Taoiseach and Government, we would now have Eircom Park rather than offering the FAI a phantom stadium", and would have watched the soccer international against Georgia in Eircom Park on Wednesday night rather than in Lansdowne Road.
Rejecting this, the Minister said that the FAI would not have had the funds to build a stadium on its own and between them the IRFU and FAI could only come up with €120 million, which would "go nowhere near building a stadium" even if the Government gave €50 million.
He would not "indulge in speculation" about spin from the PDs but "the proposals have not yet been brought to Government but when they are, it will make a decision".
Mr O'Donoghue did not know why the Fine Gael deputy believed there was "dithering" when he knew the history of the matter.
Speaking during Arts, Sports and Tourism Questions, the Minister said the Office of Public Works (OPW) had spent the last six weeks evaluating the report drawn up by the IRFU and the FAI, identifying five options for a stadium, including the redevelopment of Lansdowne Road, and building a new stadium at Abbottstown.
The OPW in turn sought advice from construction consultants on the proposals and Mr O'Donoghue expects to have its report by the end of June.
He will then bring proposals and recommendations to Government, including his evaluation of the expressions of interest from private consortiums.
The Minister recognised the need to get proposals to Government, although he did not want to "tie myself to a timescale", but the situation was "untenable" for the FAI and the IRFU, which was losing about €2.5 million for every rugby international at Lansdowne Road, because it did not have sufficient capacity.
Labour's sports spokesman, Mr Jack Wall, said it was "disturbing" to hear that the 23 expressions of interest were still in the equation when he thought they had been ruled out.
Mr O'Donoghue said, however, that he could not rule the 23 out on his own as it was a matter for Government.
But he reiterated that "there can be no question of any company, person or group of persons making a killing at the taxpayers' expense."
