The new 20,000 all-seater ground will be built on the university’s Frenchay campus and work could start next year if the scheme passes planning hurdles.
The football club will help fund the scheme by selling its current Memorial Stadium site to Sainsbury’s for a mixed-use development
The new stadium will also include19,000sq ft of potential teaching space for the University.
The overall development of both sites is worth in the region of £60m.
Rover chairman Nick Higgs said: “I am delighted to be able to announce our plans for a purpose built stadium on land adjacent to UWE’s Frenchay Campus.
“Negotiations on this project have been going on for nearly two years, in tandem with our plans to develop the existing Memorial Stadium site.
“We have looked at several sites in Bristol and South Gloucestershire, but we felt this land ticked all the boxes to allow us to build the best possible stadium for Bristol Rovers.
“This is a development of regional significance to South Gloucestershire, Bristol and the wider community.
“With the support of the two local councils we feel we can bring this exciting project to fruition very quickly.
“This is what we as a club have been striving towards for many years – to have the finances in place to construct a purpose built stadium to help get the club moving back in the right direction.”
A Sainsbury’s spokesperson, said: “We are pleased to confirm that we have an agreement with Bristol Rovers Football Club regarding an opportunity for a new store and other development at the Memorial Stadium, subject to the Club securing a relocation site.
“The proposal, which is subject to planning permission, would help to fund the Club’s move to a new stadium and, in addition to a store, create a mix of work space, community facilities and housing.”
Bristol Rugby Club have been offered the opportunity to move with Rovers and the university will use the stadium on non-match days.