Under new plans, a major hotel will be constructed and a spectator stand will be redeveloped at Edgbaston Stadium.
The project, which includes the development of a four-star hotel at the Birmingham cricket ground, is partially funded by an £18m loan from the West Midlands Combined Authority (WMCA).
The proposed hotel will feature a rooftop terrace and pitch-view rooms with balconies.
Construction is expected to take up to two years, with work scheduled to begin in September 2025, subject to planning approval.
If approved, the project is expected to be completed by spring 2027.
The stadium, which has been the home of Warwickshire County Cricket Club since 1885, attracts up to 25,000 spectators per day during the Ashes.
The proposals involve redeveloping the Raglan and Priory stands at the stadium, which would include a new concourse with additional food and drink options, as well as improved accessibility.
It was anticipated that the scheme would generate over 376 job opportunities during the construction phase and an additional 100 once it is completed.
Andy Street, the mayor of the West Midlands and WMCA chairman, stated that the project builds on the legacy of the Commonwealth Games and will help maintain the West Midlands as a key destination for global sporting events in the future.
The scheme is part of a master plan to transform the stadium into a multi-use complex for sporting, residential, commercial and community purposes.
A proposed planning application will be submitted in the autumn after a six-month consultation with stakeholders, and local residents.