Oldham Council has approved the scheme, which aims to regenerate the Boundary Park area of the Greater Manchester town.
As well as a new 16,000-seat stadium, the masterplan also features 550 new homes and apartments, hotel and conference facilities, and 6,000m2 of office space, all built around the site of the current Boundary Park stadium.
David Robinson, managing partner of FWP, said: 'Our vision for Boundary Park can now move forward to benefit Oldham and the local community.
'The redevelopment will safeguard the future of football in Oldham, giving supporters top-class facilities while significantly improving an area of the town in need of regeneration.'
Work on site could begin by early 2008.