Southampton FC and the city council have announced joint plans to expand the club's stadium and create a new riverside development of homes and businesses.
The pair want to establish the St Mary's waterfront area as a "vibrant centre for sport and entertainment".
The club said it would receive much-needed income from the proposed development beside the River Itchen.
The 32,000-seater St Mary's Stadium hosted its first game in 2001 after the club moved from its former home at The Dell.
Southampton FC chief executive Phil Parsons said: "For the club to thrive and survive in the Premier League, we must increase our revenue streams, and developing the St Mary's Waterfront area is central to achieving that.