The City Council has made the final decision, but the park's future use is undetermined.
The park has been out of action since the 2011 Christchurch Earthquakes, with cricket and rugby fixtures moving to other locations.
Canterbury Cricket CEO and former Black Cap captain Lee Germon agreed with the council's decision and said the history of cricket at the ground will still be retained.
"Obviously Lancaster Park still holds a sentimental value to cricket and cricketers, it is important that it is retained but it makes sense to deconstruct it," he said.
