Jim Boyce and his IFA colleagues have a big decision to make

IFA president Jim Boyce told BBC Sport that the association is likely to make a decision before the end of January.

"The Government wants an answer quickly so we are taking views throughout the association at the moment," said Boyce.

"But Minister David Hanson has made it clear that there is no plan B and that the Maze is the only show in town."

If the new stadium is built, it would be in line to host a number of football games in the 2012 Olympic tournament.

Jim Boyce spoke to the chairman of the British Olympic Association Lord Moynihan at the BBC's Sports Personality of the Year last weekend and the BOA chief reiterated that his organisation is keen that Olympic football matches be staged in Northern Ireland.

Despite the possibility of Olympic football matches being staged at the Maze venue, the IFA has yet to officially commit to being involved in the Great Britain team.

Both the Scottish and Welsh Football Associations have ruled themselves out of any involvement in the GB side because of fears that it could threaten the countries' futures as independent nations.

Windsor Park's capacity is threatened by new legislation

"We are keeping our options open on whether we want to be involved in the Great Britain team. This is only 2005 and there is still a long way to go to the Games," added the IFA president.

Hampden Park had been mooted as a possible venue for the opening game of the 2012 football competition but with the Scots not involved, there is even the possibility that the first Olympic football match could be staged at the new Maze stadium.

The recent announcement of new legislation for grounds in Northern Ireland is also part of the current stadium debate.

The IFA has a long-term deal with Linfield to use Windsor Park but when the legislation comes into force, which is likely to be as early as 2007, it would almost certainly reduce the ground's capacity to around 9,000.

That would mean that it would be scarcely financially viable to stage international games at the south Belfast venue.

In that scenario, the IFA would be left with the prospect of Northern Ireland travelling to Britain for home games.

The international contract with Linfield is very much part of the IFA's decision-making process and the Irish League club would demand compensation if Northern Ireland games were moved to the Maze.

The football, rugby and GAA governing bodies must give their backing for the project to go ahead.

The GAA is understood to be in favour of the project while government officials are confident that rugby will also back the new stadium.