Sligo Rovers have applied for planning permission to begin the redevelopment of the Showgrounds.
The ultimate goal is to increase the capacity of their stadium to over 6,100, all seated, and will include the replacement of the current Jinks Avenue Stand, as well as the construction of a new stand at the Church Hill Road end.
The plan also involves putting a roof on their Pet Stop End, improving toilet facilities, and enlarging the pitch so as to meet UEFA category 3 requirements.
The club say that they intend to connect the roofs of the new stands in order to, "enhance the feeling of enclosure and to assist in capturing and containing the noise of the supporters."
The provision of new floodlights to meet UEFA standards is dependent upon a sports capital fund grant, while the club say they will pursue "various funding streams" to progress the project next year if planning permission is secured.
"This is a great day for Sligo Rovers Football Club and the first phase of our Masterplan we announced last year," said Sligo Rovers Chairman Tommy Higgins.
''In order to stay competitive in the Premier Division we have to bring more income into the club and the Showgrounds redevelopment is a vital part of our plans"
League of Ireland Director Mark Scanlon added: "Sligo is and always has been a hotbed of football and these ambitious plans for the future of The Showgrounds reflect the desire of Sligo Rovers FC to be at the heart of the game in a real football town.
"We support these exciting plans for the new stadium which will provide modern facilities for the fans to enjoy and a fitting stage for Sligo football for many years to come."