Plans for a 5,000-capacity stadium, conference space, gym and community facilities are to be jointly developed by the local club and council.
The new stadium would mean that Leamington FC, nicknamed the Brakes, would be located nearer to the town centre on the Europa Way site, south of Leamington and Warwick.
Now the council will draw up a detailed study of the delivery options for a new sports and community hub as well as housing, a new primary school, community hall and medical centre.
Leamington FC’s chairman, Jim Scott said: “A new stadium with improved access and facilities will help us fulfil our aspirations to move into higher leagues.
“It will also allow us to develop and expand our presence in the community through our programme of football related activities. This will give more people the opportunity to get involved, be it as a player, spectator or user of the facilities.”
Councillor Peter Phillips, Warwick District Council’s portfolio holder for Housing and Property Services added: “We want Warwick district to be a great place to live, work and visit.
“This very exciting proposal not only has the potential to create much needed housing, but could also bring great benefits to the community. I very much welcome these plans and look forward to presenting this first step at the Full Council meeting.”