The University of the West of Scotland, St Mirren Football Club and Renfrewshire Council are in discussion to take forward the development at Ferguslie Park in Paisley.
In addition, the council is developing a plans to build a new landscaped town park on the site of the nearby St James' playing fields, with £7.5m already committed towards the joint cost of both proposals.
Initial design proposals for the sports village will be developed over the coming months with local residents.
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Planned facilities include pitches for football, hockey and rugby, a cycling track, an indoor sports facility and a new sports physiotherapy centre.
Deputy Council Leader Mike Holmes said: "We all know that Ferguslie has faced significant challenges over the years. I am proud of the positive changes that we are now seeing.
"This exciting proposal continues the wide-ranging efforts that are delivering meaningful change to people's lives in this community. Renfrewshire Council has prioritised supporting people by investing in education, employment and regeneration.
"Building a 21st century regional sports venue will help to ensure that all our people and all our communities – including Ferguslie Park – can share in the regeneration of Renfrewshire.
"Together with new builds for St Fergus' Primary School and Mossvale St James and the redevelopment of the playing fields at St James into a new town park, we can regenerate a significant area of the north-west of Paisley just as momentum is building for the town's UK City of Culture 2021 bid."
(LM/JP)
