Trafford council and Trafford Economic Alliance have commissioned a consortium of consultants to draw up a new vision for the area's industrial heartland.
The consortium includes surveyors CB Richard Ellis, regeneration specialist EKOS, urbanism consultancy URBED and WSP Development & Transportation.
The project, funded by the North West Development Agency, will produce a masterplan and development framework to shape Trafford Park's evolution over the next 20 years.
Nick Mullins, investment director at CBRE, explained: "Currently Trafford Park is best known as being Greater Manchester's industrial capital. This project, however, will look at what we can do to keep industrial and distribution business in the area, while making best use of the area's fantastic cultural and leisure assets."
John McCreadie, chairman of EKOS, added: "Old Trafford, Lancashire County Cricket Club and, in time, Media:city will all be on Trafford Park's doorstep, and the consortium will play a key part in envisioning how we can 'join' these up effectively to both Trafford and Manchester, getting the maximum benefit from regeneration."
Richard Elliott, associate director at WSP, continued: "Another key aspect of the project is looking at how Trafford Park is served by transport infrastructure, both now and in the future. We will be analysing current strengths and weaknesses to create a vision for the area that makes it as accessible as possible."