Facilities at the existing campus would also be improved under the proposals
Swansea University has approved plans to speed up work on developing a second campus in the city.
The university is considering building a science and innovation campus on Fabian Way.
After hearing the results of a feasibility study, the university's council has agreed to submit an outline planning application for the project.
A final decision on whether to proceed with the new campus will be made later in the year.
The plans include relocating some activities from the Singleton Park campus , and improving existing facilities there for staff and students.
Swansea University Vice Chancellor Professor Richard B Davies said: "This science and innovation campus is an ambitious 21st century development and is expected to be the largest knowledge economy project in the UK.
"By removing the boundaries between industry and academia, which restrict the traditional science park model, we are proposing radical new approaches to the provision of research and development, education and skills to help drive economic regeneration for the benefit of the whole south west Wales region.
"The new campus will provide an open innovation environment intermingling industrial research and development, academic research and postgraduate and undergraduate students. "
The land for the development is being gifted to the university by BP, which is also providing business support.
Professor Davies said the campus expansion plans built on long-standing links with multi-national companies and had arisen in consultation with them.
Swansea University has more than 13,800 students and offers around 500 undergraduate courses and 150 post-graduate courses.
The university was founded in 1920.