The redevelopment of a derelict stand at Wrexham AFC's Racecourse ground will be considered by the town's council.
The 4,900-capacity stand, known as the Kop, has not been used for a number of years as it has been deemed unsafe.
Suggestions to replace it include a national football museum and Wrexham council said it would work with the football club in "true partnership".
It comes after the announcement of a new training ground for the National League side in the town centre.
The stadium, also holds the world record as the oldest international football ground after hosting Wales matches.
Council leader Mark Pritchard said: "Wrexham council is working very closely with the club on a number of matters, and the physical redevelopment of the fourth stand at The Racecourse is something which we will be examining in the future."
In 2016, the Wrexham Supporters Trust agreed a 99-year lease of the stadium with owners Glyndwr University.
The football club would need to seek permission from the university before any redevelopments begin.
Councillor Marc Jones, who represents the Grosvenor ward, said the stadium was full of potential.
"I am eager for the stadium to be developed, especially the Kop as it's been closed for many years now," he said.
"It would be great to have a stadium with four sides, to have a new stand one side with seats, and have something on the outside as well.
"There have been calls for a football museum or shops, restaurants or a cafe to be built on-site too."
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