Covering almost 7ha, the multimillion-pound scheme is one of the largest residential-led mixed-use regeneration schemes in Manchester's recent history.
The competition-winning proposals include almost 500 new homes - ranging from one-bedroom apartments to four-bedroom townhouses - as well as a primary school, retail units and a state-of-the-art health facility.
Developer Lowry Homes is also considering commissioning a piece of 'public art' to sit on the former centre circle of the Blue's football stadium.
The club shipped out of Maine Road in 2003 - its historic home for almost 80 years - to move to Arup Associates' City of Manchester Stadium at Eastlands, which was built for the Commonwealth Games.
Ian Walker, director of land with Lowry Homes, said: 'This exciting redevelopment scheme will have a significant impact on the regeneration of the area and will act as a catalyst for the wider regeneration of South Manchester.
'The submission of the planning application is a significant milestone in the Maine Road project's development.'
He added: 'If it is successful, we can plan to start building work in spring 2006 and we should then be completing our first homes in autumn 2006.'
A model of the project is now on view at Manchester town hall and a decision on the scheme is expected to be made in October.