Manchester City Council has approved proposals for a new speedway stadium in Gorton and Eastlands.
The proposals are part of the Eastlands community sports plan, a joint venture between Manchester City Council and urban regeneration company New East Manchester.
NEM said the project is still in its early stages and further consultations will be carried out between now and the autumn before the scheme can be given the green light.
Eddie Smith, chief executive of NEM, added: "This is an important first step in bringing forward an exciting set of proposals for the Belle Vue Sports Village at Eastlands, which along with basketball and Taekwondo, would include speedway. We recognise the heritage of speedway to this city and are determined to deliver commercially viable facilities for the sport in East Manchester. However, detailed evaluation and consultation work is on-going and it is unlikely we'll be in a position to make any further announcements until the autumn."
The stadium will be the new home for the Belle Vue Aces speedway team.
David Gordon, boss of Belle Vue Aces, said: "This is very positive news and it is a significant step forward. There are still many hurdles to overcome but we can at least start to face them now. Onwards we go."
Plans also include community football pitches, swimming pools, alongside current training facilities for cycling, on an 80-acre site to be known as the Belle Vue Sports Village.
Belle Vue Aces speedway team currently race in a stadium on Kirkmanshulme Lane in Gorton, which is minutes from the proposed new site.