The scheme, called ‘The Premier Plan' will see the club's Turf Moor home ground transformed into a dual facility, capable of hosting exhibitions, rock concerts and conferences 365-days a year, in tandem with matchday use.
The Premier Plan is a joint venture between Burnley Borough Council, the club and several other partners.
If realised it would also see a ‘Football University' created, a new stand built at Turf Moor, the relocation of Burnley Cricket Club, the upgrading of transport links to the area and the re-opening the 'Todmorden Curve', linking Burnley directly to Manchester via a dedicated rail link.
"On the basis of one idea involving the building of a new stand at the football club, this could become a much bigger idea, shared by all parties," said Burnley FC chief executive Paul Fletcher, who will be leading the project on behalf of the football club.
"If you dare to dream, dream big and this is not just about Burnley Football Club, this is about the whole town of Burnley and potentially leaving a massive legacy brought on by promotion to the Premier League."
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