A 165-room hotel is at the centre of a £22m (US$28.1m, €25.1m) development being proposed by Leicester Tigers.
The Premiership rugby club also plans to build conference, corporate and supporter facilities after purchasing a piece of land from the council.
Spread over five floors, the hotel will include meeting rooms, conference space, a reception and lounge and dining areas.
According to Leicester Tigers chief executive Simon Cohen, the club was close to reaching an agreement with a "global hotel provider" to operate the hotel, which would "add an exciting dimension for fans, partners, businesses and the city of Leicester".
A surrounding leisure complex will feature a fitness suite, restaurants, a sky bar and retail units.
Work could be completed in time for the 2019/20 Premiership rugby season.
Land purchased by Leicester Tigers is on the city's Granby Hall car park site, adjacent to the club's Welford Road stadium.
Cohen said getting to this stage had been a "detailed process".
"As UK rugby's best-supported club, sport continues to be a driving force in putting this city on the map and the fact that we will be able to offer top-of-the-range accommodation will enhance the city's strong sporting profile," he added.
Local construction firm Pick Everard is working on the project with the club.
Managing partner Duncan Green said: "Working with Leicester City Council and the club, we have been able to develop a scheme that makes the best use of the old Granby Halls site, supporting the Tigers and reaching out to businesses and the local communities through its new facilities and jobs."
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