Brentford owner, Matthew Benham, has bought for an undisclosed fee a 7.6 acre site at Lionel Road to build a new 15,000-seater stadium.
Benham intend to submit plans to Hounslow Council within a year, with the new ground available from the 2016-17 season.
Chairman Greg Dyke said: "The journey to Lionel Road has been a long one but hopefully it's now coming to fruition."
He added: "This would not have been possible without Matthew Benham and all Bees fans should be grateful for the financial support he has given the club in recent years."
“This is brilliant news for the club and it's now full steam ahead for a new stadium.”
The proposed new stadium is only two miles from Griffin Park, the club's home since 1904.