St Modwen Properties is developing the 3,000-seat stadium, which will include a hotel, restaurant and office, near junction 7 of the M5.
The new stadium is to be built in three phases, with the bulk of the work being planned for the first phase.
Communities secretary Eric Pickles must now make the final decision on the plan, because the development is contrary to local planning policy but a decision is not expected for up to five months.
Director of the club Anthony Hampson said: “These things don’t happen overnight, plans will be phased in over time – the club will not want to run before it can walk.
“We were near bankruptcy at one stage but we’ve managed to swing the situation round and make the club break even and invest in the playing squad as well.”
The club has to leave current home St George’s Lane by June 2013, as it has already sold the ground to clear its debts and help pay for the new stadium.
The project includes 700 parking spaces, office buildings, a hotel, restaurant and car and motorcycle showroom, along with room to expand the capacity of the stadium.
Birmingham-based Glancy Nicholls Architects designed the project.