Argyle chairman James Brent has told the Plymouth Herald that he is in “active talks” with potential partners about building a new grandstand at Home Park.
Mr Brent’s original scheme to improve the stadium included proposals to build a multiplex cinema on the site.
But that plan has been ditched as Plymouth Council is considering a proposal to build a £40million leisure development, including a cinema, at Bretonside.
Mr Brent said it was still possible that a hotel could be built at Home Park.
He told the Herald: “It’s core to the football club and important to the city and this part of the city to have strong leisure and sporting facilities.
“The strategy is to build a grandstand to get us to the Championship.
“The fans are impatient, and I’m the most impatient of the fans, and want it to happen quickly.”