Chairman John Fry confirmed the Glovers will be submitting their planning application to the South Somerset District Council later this week and it will come before the Area South Planning Committee in March.
"We are a Championship club now, something that probably could never have been envisaged when we moved to Huish Park back in 1990, and for the sake of the club and all around us we must move on," Fry told the club's official website.
"We are desperate to stay on the Huish Park site, however, the stadium needs massive investment to bring it up to modern Championship standards as does the infrastructure around it and the development will bring some 300 new jobs to the area.
"I would therefore implore the council to work with us as partners to bring our long-standing negotiations to an end to benefit the community of Yeovil and our supporters.
"It cannot afford to be held back and it would be a disaster for the town of Yeovil, if the club was forced to look elsewhere to move forward."
Manager Gary Johnson added: "The development would provide the capital to generate new income streams to attract better players and training resources which will obviously enhance our position in the Sky Bet Championship."