St Mirren aim to be playing in a new Paisley stadium at the start of the 2008/09 season.
On Tuesday, Renfrewshire Council granted detailed planning permission for the new 8,000-seater arena in the Ferguslie Park area.
And a £15m deal to sell their St Mirren Park stadium to supermarket giants Tesco will clear the club's £2m debt.
St Mirren chairman Stewart Gilmour said: "This is an historic day. It is the day the club has been saved."
St Mirren Park has been the club's home since 1895.
But Gilmour has welcomed the short move to Greenhill Road.
"We said from the start that the only way the club could survive in its present form and remain in Paisley would be to sell our ground for enough money to pay off our debts and build a new Premier League-standard stadium," he added.
"A new stadium can be appealing and hopefully it will attract players to St Mirren"
"Thankfully, for the club, the fans, the players and the whole of Paisley and Renfrewshire this has now been achieved.
"We can look forward to a new era of financial stability and hopefully, the success on the park that stability can bring us."
Gus MacPherson's side are currently second bottom of the SPL, four points clear of Dunfermline with four games remaining, as they seek to avoid the one relegation spot.
And MacPherson believes the new ground should help make the club more attractive to potential signings.
He said: "If you are taking a signing possibility into a brand new stadium they can see that the club is ambitious.
"A new stadium can be appealing and hopefully it will attract players to St
Mirren."