Northampton are poised to submit a planning application to the local council which would increase the capacity of Sixfields Stadium to around 10,000.
The proposals include a complete redevelopment of the East Stand to include new corporate boxes and a conference centre.
It comes as the first instalment of a plan to improve the stadium and surrounding area as part of a £12million loan deal put together by Northampton Borough Council and the League Two club, with additional planning applications expected to include housing, retail and even hotel facilities.
Cobblers chairman David Cardoza told the club's official website: "Things are moving forward at a pace and the submission of these plans is an historic moment for Northampton Town Football Club.
"These plans are the first part of the redevelopment, with plans for the West Stand to be submitted in due course. The East Stand will be transformed and will include some superb conferencing facilities, executive boxes and more and improved seating for supporters.
"This will help secure the club's future, making the club self-sufficient with an infrastructure to help push us up the Football League, bringing positive coverage for the town and bigger attendances attracting more people to the area. The stand and facilities will be a proud part of the town's Enterprise Zone."
Sixfields is also currently used by League One side Coventry, who agreed a well-documented and controversial three-year groundshare at the start of this season although the deal could be extended to run for as many as five years.