Derby County has submitted plans for a proposed £20m development around Pride Park Stadium which would create about 250 jobs.
Artist's impression of Pride Plaza
The plans for the Pride Plaza scheme include a 165-bed hotel, bars, restaurants and office space.
Two squares on the west side of the stadium would have memorials to Rams' legends Brian Clough, Steve Bloomer and Lionel Pickering.
Work could start in spring 2008 if the plans are approved by the city council.
Chairman Peter Gadsby, said: "Derby County's success at Wembley in May provides the ideal platform for these new facilities.
"While Pride Park Stadium continues to be a big economic driver for Derby, it is time to move up a gear now.
"We must take advantage of the development potential at the stadium to ensure we remain a leading club."
Mr Gadsby said no money would be taken away from the team to pay for the development.
Councillor Chris Williamson, leader of the city council, said: "We have worked closely with the football club in developing these proposals and look forward to further co-operation as our Premier League club helps Derby to be a premier city."