Hull owner Assem Allam wants to transform the KC Stadium into a £100million sports village.
Allam, who would first have to buy the KC Stadium off Hull City Council, told the Hull Daily Mail: "I want to do this for the community. The idea behind the sports village is that it will become a day out for the whole family. People of all ages will be able to come and play here.
"I want to see our younger generation only go home to eat and sleep, rather than hanging around on street corners."
Allam would prefer to increase the capacity at the KC Stadium to 35,000 and build the sports village around it at a cost of £114million. The Melton proposal would cost around £161million and would involve building a new stadium on land east of Brickyard Lane.
In an open letter outlining his vision, Allam said: "Would you build an extension to your home if it was rented? You wouldn't. That's what I'm saying. I need to own the stadium if I'm going to do this.
"I'm not about to move the KC Stadium or convert it into boutiques. Does it matter who owns it?
"There is no financial gain for me. The only thing that would put me off this idea is if people were not interested.
"What do people want? A poor old stadium used every two weeks or a sports village used every single day?"