Wrigley Field, home of Major League Baseball’s Chicago Cubs, is set to undergo a long-awaited renovation, according to Cubs owner Tom Ricketts, who revealed new details of the estimated $500 million project proposal during a speech to the City Club of Chicago.

Renovation plans will reportedly see the player’s clubhouse receive a much-needed face-lift and many improved amenities for fans, including a giant outfield video board and enhanced entertainment offerings.

"In these kinds of sideways economic times, it's really a nice boost for the city," Ricketts told CNBC's "Squawk Box" on Wednesday. "We're talking about 2,100 jobs. We're talking about hundreds of millions of dollars in economic development."

If the plan is approved, construction could begin at the end of the 2013 season.

"We're already the third-largest tourist attraction in the state," Ricketts said. "Hopefully, we'll maybe get to second if we improve the park a little more. It's a great deal for the city's economy, and it's a great deal for our fans, and a great deal for the neighborhood."

Wrigley Field, located in the community area of Lakeview, is the oldest National League ballpark and the second-oldest active major league ballpark after Fenway Park, which had its first game on April 20, 1912.