"Portsmouth Football Club has moved into a new era with the backing of owner Alexandre Gaydamak and these are very exciting times for the club, both on and off the field."
The development would include an indoor exhibition centre/arena with a 10,000 capacity, a new diving training facility for the Royal Navy and a residential, retail and leisure complex.
The scheme is being designed by Swiss-based architects Herzog & de Meuron.
In addition to the Olympic Stadium, commonly known as the "Bird's Nest", they also designed the Allianz Arena football stadium in Munich.
The stadium will sit right on the waterfront by Portsmouth harbour
Portsmouth have been based at Fratton Park since 1898 but have outgrown the ground's 20,200 capacity.
Sellar Property Group, which is handling the development, plans to redevelop the 17-acre Fratton Park site for a mix of low-rise residential and retail usage.
David Williams, chief executive of Portsmouth City Council, said there were still some issues to be resolved before the plan could be given the green light, including access to the new site and the impact of the new retail developments.
But he added: "I think the plans for the new stadium and arena are very exciting, and the stadium in that location would look stunning.
"Whilst it will be for the planning committee to determine the application, the city council will continue to do its utmost to help the club produce a workable and acceptable scheme to achieve a fitting new stadium for the FA Cup holders."
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