Bristol could get a new 30,000-seater sports complex housing both the city's professional football teams.
City could be on the move
The complex would also feature a smaller, outdoor oval for 10,000 spectators and would be used for football, rugby, athletics and greyhound racing.
The 220 hectares (550 acres) Severnside site, owned by Redrow Homes, has long-standing planning permission for industrial and other uses.
The scheme, if approved, would open in 2008 and cost in excess of £100m.
The plans are being prepared by South Gloucestershire Arenas and Redrow Homes.
Clarke Osborne, chairman of South Gloucestershire Arenas, said: "This is an exciting opportunity to create a modern, state-of-the-art sports complex of regional importance in the West of England.
"Although there are many technical, planning and financial issues to be addressed, we believe that the plans merit very serious consideration."
Stephen Lansdown, chairman of Bristol City, added: "We obviously have a duty to consider very carefully, on behalf of our players and fans, any proposal that offers the opportunity of greatly improved playing, training and spectator facilities."
Geoff Dunford, Bristol Rovers chairman, said: "A sports complex of this size would clearly amount to a step change in sporting provision in the West of England and offer exciting opportunities for sharing facilities amongst a number of sports."
A six-month inquiry into the scheme is due to begin in November 2003, with the consortium required to submit its plans by March 2004.