A major food store could be built at Truro City's Treyew Road ground, according to documents seen by the BBC.
They reveal that London-based property investment firm Helical Bar has been working to satisfy the "requirements of a major food store operator".
The documents also say proposals for a 60,000 sq ft (5,575 sq m) retail park on an adjoining site are "in hand".
The football club, which is facing financial difficulties, sold the ground for £2.28m in July of last year.
Deal with creditors
The documents seen by the BBC also reveal that Helical Bar intends to submit a planning application this autumn.
According to its website, Helical Bar "aims to deliver market-leading returns by acquiring high-yielding investment properties".
Earlier this year Truro City Football Club chairman Pete Masters told the BBC that Helical Bar would probably want to develop the land, and that the club may well have to find a new ground in the next two years.
Truro's debt problems stem from the regime of former owner and chairman Kevin Heaney.
Under his leadership Truro were promoted five times in six years. They also won the 2007 FA Vase. But Mr Heaney went bankrupt in 2012.
In June Truro City's owners agreed a deal with all the club's creditors.
A Company Voluntary Agreement (CVA) was arranged which took debts of up to £4.5m down to about £80,000.