Wirral Council has granted planning permission for the nearly 12,000 sq ft event space and microbrewery off Prenton Road West.
The current Tranmere Rovers fan park consists of a 3,875 sq ft tented area by Prenton Park.
Tranmere Rovers Trust has teamed up with brewing company German Kraft to build a new, purpose-built facility that would be capable of holding between 700 and 1,000 people. The new facility has been designed by Edge Architects
The fan park would be a place for Rovers supporters to gather at home games during the football season and could also hold festivals, conferences and markets.
London-based German Kraft would operate the onsite microbrewery.
Funds raised for the Tranmere Rovers Trust project come mostly from German Kraft, with the company contributing £1.15m to the £1.7m project.
A crowdfunding scheme secured £200,000 for the project from fans and the trust has chipped in £150,000.
The remainder £200,000 is being raised through a bond scheme.
Lighthouse is the noise impact consultant for the project, while Eddisons is the transport consultant.