I have main lug panel in my home with a 60 amp main breaker in it being used for the main feed of the panel, the main lugs are being feed from the meter box to the panel with 2- 2/0 and a concentric neutral looks to me like a 100 amp service cable . Can I install a new 100amp or 125 amp panel on this size cable with a main breaker being used instead of main lugs. The wire used for the existing 2/0 service cable is aluminum

Welcome to the forum. I have asked that your post be opened as a new item because you appended it to a post that is almost six years old.

Without knowing your service amperage I can tell you that #2 AWG Aluminum cable is listed for 100 amp service.

Before you start anything, you need to speak to your utility company and verify the amperage being delivered to your residence.

The minimum standard of 60 amp was replaced with a minimum standard of 100 amps years ago.

What that would mean to you is that if you want to go to a 100 amp service, then you might need a new meter, meter base, definitely a new main-panel.

My suggestion would be to use a 100 Amp Main Circuit Breaker panelboard instead of an MLO main panelboard.

If you just stay at 100 amp, the cable from the utility company to your residence will not have to be changed out since it is listed for 100 Amp.

At a very minimum you will need an electrical permit and a licensed electrician to do most of the work.

Because you would be working on unprotected live wires, please call for a licensed electrician. Better to be safe than fried or dead.

If # 2 wire is good for 100amp, an the wire I have coming in is a 2/0 aluminum I should be able to go 125 amp panel at least right, the meter box looks to me like a 200 amp socket, I will contact utility company to verify though.