It would see the team move from Fratton Park, its home since 1898, to a former landfill site overlooking Portsmouth Harbour.

The development designed by Swiss-based architects Herzog & de Meuron, who are responsible for the Beijing National Stadium, will also include an indoor exhibition centre, retail and leisure complex and diving training facility for the Royal Navy.

Work could start as early as next year subject to the necessary planning consents.

It is thought the 17-acre Fratton Park site could be redeveloped to include a mix of low-rise residential and retail uses.