Supermarket giant Sainsbury's has agreed to acquire the Christie Park stadium from Morecambe FC in 2010, after the football club has finished building its new ground.
Unusually, the sale is not conditional upon Sainsbury's securing planning permission. The retailer has yet to make an application to Lancaster City Council.
Last year, Morecambe FC won planning consent to build a new ground as part of a mixed-use scheme with hotel and restaurants in Westgate.
Work is due to begin on the new stadium in the spring with completion due in time for the 2010/11 season.
Peter McGuigan, chairman of Morecambe FC, said: "This is a fantastic opportunity to establish the club as a football league side for many years to come. The new stadium will provide an opportunity for the club to raise fresh revenue streams which would be impossible to achieve at Christie Park and should therefore ensure the financial viability of Morecambe Football Club."
Turley Associates' Manchester office is advising Sainsbury's on planning at Christie Park. Maze Planning Solutions advises Morecambe FC.