Furthermore, there are planned improvements to the ground’s facilities and the other three stands, which will see the capacity grow to 38,000 - the highest in the East Midlands.
It follows extensive negotiations between the club and Nottingham City Council to extend the lease on the City Ground - the club’s home since 1898.
Forest owner Evangelos Marinakis said: “We have made steady progress since our arrival and you, the fans, have been central to this. The record season-card figures and the record average attendances illustrate your passion and backing to our team and our vision.
“From the very beginning our strategy has been not to make promises but to deliver. We were clear when we said we wanted our actions to speak louder than our words. After more than a year of consultation, we are now delighted to be able to present you our vision for The New City Ground.
“I would like to thank Councillors Jon Collins and Simon Robinson and all the representatives of both the City and Rushcliffe Borough councils for their co-operation and engagement in this project.
“The City Ground has iconic history and memories for our supporters and these legacies were fundamental in our decision us to remain on the banks of the River Trent and not relocating to an alternative site. This is our home and we will remain here forever.
“We want our supporters to play an important role in the decision-making of the club. Our intention is to now consult with our supporters and the wider Nottingham public to gain your views before making a formal planning application. I encourage you all to participate.
“This investment is about our club and the city of Nottingham and we are all committed together to deliver a place that we will all feel proud of, The New City Ground, our home forever.”
Following a period of consultation and engagement with the relevant supporter groups, a planning application will be submitted, with the club hopeful building work will begin at the end of the 2019/20 season, subject to the relevant consents.
It has been 25 years since work began on the Trent End during Forest’s most successful Premier League days.
A statement on the club website read: “Even the previous redevelopment projects are dwarfed by the scale of the investment proposed in the new plans.
“The proposals illustrate the long-term strategy and commitment of the owner, Mr Evangelos Marinakis, to fully rebuild the football club.
“Working with globally recognised architects Benoy, the project is ‘born in Nottingham, designed in Nottingham, built in Nottingham, from and for the people of Nottingham’.”