Allerdale Borough Council revealed their plans for the 8,000 capacity stadium to be developed on the current Borough Park site and the adjacent site where Lonsdale Park was located.
Anticipated to be completed by 2021, the ground will host both the Reds and Workington Town Rugby League.
Mike Rollo, commercial and finance director said: "It has been an exciting journey getting to this point and I’d like to thank the council and Workington Town for their cooperation.
"There is going to be some intensive work over the next few months to get this vision to reality, but we are ready for the challenge.
"It is our key objective to deliver a strong sustainable future for the club and to bring our fans along with us."
The new facility would include an 8,000-seater stadium and a full-size synthetic pitch for community use.
It is intended for the pitch to be laid using the latest synthetic and real grass technology and stadium facility would cost in the order of £15m.
Allerdale Borough Council considers the stadium to be part of their lower Derwent Valley regeneration plans.
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