The club needs to sell its current ground to the supermarket giant to fund a move to a new stadium at Frenchay on land owed by the University of the West of England.
South Gloucestershire Council last July approved plans for a 21,700-seat stadium in Stoke Gifford subject to improvements to local transport infrastructure.
The club must now wait for a final decision from Government on the supermarket plan before getting work underway later this year.
Redevelopment of the Memorial Ground site will include the demolition of the stadium and existing buildings and the erection of a food store and 65 houses and apartments.
Together the proposals represent a construction investment of £60m. Buckingham Group is understood to be in negotiations with Bristol Rovers about building the next stadium.
Under the complex deal, the University of the West of England will lease the land for the new stadium to the club and get access for students to club facilities and media rooms on non-match days. Students will also have the chance to buy discounted match tickets.
The new ground will be called the UWE Stadium and will include a banqueting and hospitality suite, convenience store, gym, jogging track and teaching space for the University.
Sainsbury’s proposal at the Memorial Stadium site includes a store, work space, community facilities, homes and ample parking.