Regional development agency One NorthEast has appointed Sunderland Football Club as the preferred developer for Stadium Park after a two-stage design competition.
The nine-acre site is next to the football club's 48,000-seater Stadium of Light.
Sunderland AFC and its team now have until September 1 to work on their proposals for the site.
Plans so far include an Olympic-sized swimming pool, sports arena, education and technology centre and leisure centre, together with some commercial food outlets.
John Williams, deputy chairman of One NorthEast, said: "The project has the potential to make Stadium Park one of Europe's premier stadia. It will create a focus for leisure and sport in the region and demonstrate the potential that exists in the City of Sunderland."
He added: "Stadium Park is an important project within the Sunderland regeneration strategy and these ambitious proposals will make a significant contribution to the strategy's overall success."
Sunderland City Council is also backing the scheme. Chief executive Colin Sinclair said: "There is nothing of this size between Leeds and Edinburgh so it's vital that we grasp the opportunity to bring such an important sporting facility to the region.
"This is something we can achieve by working with One NorthEast and the football club.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article