Glasgow City Council has approved Rangers' plan to develop the land around Ibrox Stadium.
The estimated £350m plan will see flats in the Hinshelwood area transformed into hotel and retail outlets.
Rangers chairman Sir David Murray anticipated approval when he spoke at the club's annual meeting on Thursday.
"We have a masterplan which will hopefully be of financial benefit to Rangers," said Murray. "The funds will go to the club, nobody else."
The club will now seek partners to work on the project and there are also plans to create a local community football pitch.
"This is a significant step forward in an exciting project that can have a major impact in regenerating the Govan area and delivering real benefit to the whole of Glasgow, particularly in view of the Commonwealth Games coming to the city," said a club spokesman.
"We still have a plan to redevelop the stadium and we will do that in consultation with our supporters"A spokesman for the council added: "The Ibrox redevelopment proposals are part of the overall regeneration plan for the Govan area.
"At times when markets are experiencing difficulties, the council needs to be more adventurous about how it uses its own land to encourage economic development and generate investment."
The council has asked Rangers to provide detailed timescales for the development.
Meanwhile, plans to increase the capacity of Ibrox appear to have been shelved for the time being, with current economic conditions being blamed.
"A year ago, Martin and I had been looking at Lyon's plans as they look to build a new stadium," Murray added.
"But, at the moment, our plan, to be quite honest, doesn't stand up financially in this climate.
MY SPORT: DEBATE"With that said, we still have a plan to redevelop the stadium and we will do that in consultation with our supporters."
Murray has also reiterated his intention to eventually sell the club with the majority shareholder having spent the last 20 years with Rangers.
"I think it's a bit unfair to say I've not been committed, I spend four or five hours a day working on Rangers," he said.
"I have made it quite clear that eventually I have to go, I don't want to be doing this for the rest of my life.
"I've got a huge business to run and my business needs me as much as Rangers need me.
"I could have sold the club two or three times but it's not about money for me and I've said that repeatedly.
"I've only got the best intentions for Rangers. It costs me a lot of money - I have the most expensive seat in the house."
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