The borough council has agreed to accept planning applications to develop land near Sixfields on Weedon Road.
It is hoped the development of the area will generate extra money for the club.
The council has been in discussions with Northampton FC for about six years.
David Cardoza, chairman of the club, said he was delighted with the decision.
Mr Cardoza said: "Five or six years ago, we were looking at extensive retail and I don't think that's going to happen this time around.
"We are within the enterprise zone so there's going to be employment opportunities that we're going to need to create - whether that's offices or sport and leisure retail.
"We've also got to find a home for the athletics club and build them a new state-of-the-art running track and area. There's plenty to do."
Council leader David Mackintosh said: "We are looking at plans that will benefit the town.
"What we want to see is something that is good for Northampton, good for the Cobblers and good for the athletics club. I am confident that freeing up land around Sixfields will achieve that."
The club said it would work with the council and the government's Homes and Communities Agency (HCA) to determine the nature and extent of the development.
A deal that could see new shops, offices and a hotel built on land near Northampton Town Football Club's stadium has been given the go ahead.