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Chairman Kevin MCCabe said: "We are determined to keep the momentum of the club going.
"The plans for the stadium offer a number of new opportunities for the club as well as providing the city with a stadium development capable of attracting high profile events and international fixtures.
"We constantly review the long-term development plans for the business and we recognise that a contemporary stadium with associated facilities is key to that future."
Plans for the updated ground will include;
- 3,000-seat extension to the Kop
- Possible new business centre between the Kop and the South Stand
- 600 extra seats throughout the ground, and
- Residential, conference, retail and leisure facilities