Wolverhampton Wanderers have announced a partnership with Redrow Homes and the University of Wolverhampton which will see the football club build a new training academy.
The club will extend their current training facilities to include a new £6m academy complex which will incorporate indoor and floodlit football pitches on a site currently occupied by St Edmunds Catholic School.
The move has become possible after Redrow Homes agreed to purchase the University of Wolverhampton's Compton Park site to build 55 luxury houses, the £50m scheme will also see St Edmunds Catholic School move into existing buildings on the Compton Park site.
The University of Wolverhampton will use proceeds from the land sale to build a school of applied sciences in the city centre.
The plan has yet to receive the go-ahead from the local planning authority but Wolves Chairman Steve Morgan is excited about the prospect of all parties coming together.
He said: "This unique proposal has huge benefits for the City of Wolverhampton. It is almost unheard of to see so many parties from the public and private sector collaborating so well together for the benefit of all.
"It is one of the most significant proposals our city has seen for many years and will provide compelling educational, community and economic benefits, not just for the users of Compton Park, but for thousands of people across Wolverhampton.
"The nature of the plans with each development completely independent of the other, means that we have only one very limited window of opportunity to bring these proposals to fruition.
"We all remain confident and optimistic there is the joint will and impetus, along with the finance already in place, to make these plans a reality."