The club reached an agreement to extend the lease on the ground following extensive discussion with the local council.
The project will see the development of a new, world-class Peter Taylor Stand, housing facilities such as a museum, a new club shop, range of hospitality lounge options and restaurants and executive boxes. More space will also be created for general-admission supporters as well as improved facilities for supporters with disabilities and a substantial increase in wheelchair spaces.
Other improvements will also be delivered to the Trentside area, Brian Clough and Bridgford Stands.
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Architects Benoy will work with the club to deliver the project.
They will now enter a period of consultation and engagement with the relevant supporter groups before making the necessary planning application.
Nottingham Forest owner Evangelos Marinakis commented: "I would like to thank Councillors Jon Collins and Simon Robinson and all the representatives of both the City and Rushcliffe Borough councils for their co-operation and engagement in this project.
"The City Ground has iconic history and memories for our supporters and these legacies were fundamental in our decision us to remain on the banks of the River Trent and not relocating to an alternative site. This is our home and we will remain here forever.
"We want our supporters to play an important role in the decision-making of the club. Our intention is to now consult with our supporters and the wider Nottingham public to gain your views before making a formal planning application. I encourage you all to participate.
"This investment is about our club and the city of Nottingham and we are all committed together to deliver a place that we will all feel proud of, The New City Ground, our home forever."
Construction work is expected to begin at the end of the 2019/20 season.
(CM/MH)
