Peterborough City Council has announced plans to re-develop London Road that will see the stadium turn into an all-seater venue.
The council bought London Road from previous landlords in an £8 million deal earlier this year.
Plans include a new stand at the Moys End of the stadium which is scheduled to be completed by mid-2013.
Andrew Edwards, from Peterborough City Council, told BBC Radio Cambridgeshire: “People are fed up with talking. We need to start delivery of the ground.”
The project will be financed through a central government grant and private finance and will include a new further education facility.
“The development has to be aimed towards the community and financially sustainable. We couldn't have the project becoming a burden on the taxpayer,” added Edwards.
The council will submit plans before Christmas with demolition work on the current stand starting in the summer of 2011.
Construction is expected to be completed by August 2012, although the timescale is currently provisional.
Peterborough United Football Club chief executive Bob Syms said: “I would like to thank the City Council and its business partners for all the help and support they have given in making this Phase One project happen.
"The football club will be involved with the new partners in an ongoing capacity that will be of benefit to the community and hopefully our supporters as we move forward."
Check out the latest plans on the club website.
Posted on 06/09/2010