An “iconic” music venue that has hosted Michael Jackson, Oasis, Queen and Foo Fighters is set to be “brought back to life” by a football club.
Milton Keynes Dons said it hoped to develop a “state-of-the-art training facility” at the National Bowl.
The open-air amphitheatre was built in 1973 and held its last concert in 2015.
The plans, yet to be approved, will include 12 football pitches and a community hub. The venue would still hold concerts, the club said.
MK Dons said an agreement to develop the 49-acre (20-hectare) former clay pit had been reached with Milton Keynes Development Partnership (MKDP) and Milton Keynes Council.
It would be used “365 days a year” by the club’s first team, its academy and the Milton Keynes community, it said.
The venue would also be used by Milton Keynes Cycling Association, which would continue to hold events and training there.
Pete Marland, leader of Milton Keynes Council, said: “The Dons will be able to ensure the facilities they need to be a more sustainable club in the long term and compete with the best, while the Bowl is brought back to life, not just for the club, but for other activities, sports and concerts, too.”
Pete Winkelman, the club’s chairman, said: “The National Bowl is an iconic venue which has played host to some of the world’s biggest and best and we will do all we can to respect and nurture the site along with the support of the Milton Keynes Cycling Association.
“This very exciting development demands a major investment and an innovative delivery mechanism.”