Luton Town have formally submitted plans to build a new 25,000-seater multi-purpose stadium.
The hybrid application for the stadium, which will be on the Power Court site, includes an updated outline submission for a hotel and music venue.
Plans were delivered to Luton Borough Council on Friday and the club hope it will help 'regenerate' the whole town.
Gary Sweet, chief executive of Luton and the club's development company, 2020 Developments, said: 'This important announcement is a pivotal moment for all supporters, residents and businesses of Luton.
'Once our lives changed 16 months ago with promotion at Wembley, concurrent to the gargantuan task of getting Kenilworth Road Premier League ready - which naturally dominated our workload for most of last year - we decided to reassemble a design team to take a fresh look at the whole Power Court project from foundations upwards.
Luton have formally submitted plans to build a new 25,000-seater multi-purpose stadium
Plans were delivered to Luton Borough Council on Friday, with a 2027 completion targeted
'All in light of the new ambition, we wanted to embrace for our club going forwards, demonstrated by the proposal to build to a 25,000 stadium capacity in one phase.'
Kenilworth Road has been Luton's home since 1905, but had a capacity of just 10,356 until last season.
The Championship side, following their promotion to the Premier League last year, had to upgrade their stadium to meet the league's requirements for broadcasters and capacity went beyond 11,300.
Even in the second-tier, Kenilworth Road remains the smallest stadium in the division, with Oxford United's Kassam Stadium coming closest with 12,500 seats.
Luton hope to complete the stadium, which will be built in the 'heart of Luton town centre; within three years.
Kenilworth Road has been Luton's home since 1905 and it's the smallest stadium in the Championship
Meanwhile, Rob Edwards' men sit second from bottom in the Championship table following a winless start to the season.
Luton have lost three of their four matches so far and will hope to change their fortunes when they travel to Millwall on Saturday.