An impression of what Molineux could look like
The Chief Executive of Wolverhampton Wanderers says he hopes proposals to develop Molineux will create a "legacy for years to come".
Jez Moxey has been talking about the plans which could see capacity increase initially from 29 to 36,000.
The £40 million proposals would see the Stan Cullis and Steve Bull stands replaced by new two-tier stands.
The planning application for the first phase of work is due to be submitted in the summer.
The proposals for an initial two-staged, phased development would see work begin on demolishing the Stan Cullis (North) Stand at the end of the 2010/11 season.
The second phase would see the Steve Bull (East) Stand being rebuilt over a two-season period starting in 2012.
There are also draft plans for longer term redevelopment of the other stands which could increase capacity to around 50,000.
It is all subject to local authority approval.
Jez Moxey described the proposals as "extremely ambitious" but pointed out it was the start of a "long and challenging journey" and that plans may change over time.
Impression facing the Stan Cullis Stand with TV screen
He also said: "Stadium development plans will not affect our plans to continue to invest in the team.
"We must get this balancing act right if we are to be successful in the medium to long term".
Meanwhile, the Leader of Wolverhampton City Council, Councillor Neville Patten said it would be a "tremendous boost" for the City with more people coming to watch matches being "good for the economy."