The ground at which Cardiff Blues and Cardiff RFC play is physically attached to Wales' Principality Stadium home.
"Dialogue is taking place with many parties regarding the project, including the WRU, as we consider the best way forward," said Holland.
Recent reports have linked Blues with a takeover by the WRU.
The rugby region has a lease from Cardiff Athletic Club (Cac) which ends in January 2022, and it wants a long-term extension so it can redevelop the city centre site.
It wants a 15,000-capacity stadium with a retractable pitch and sliding roof so it can be used as a concert venue, as well as building an exhibition centre, a hotel and flats.
Cac's agreement is needed to allow the redevelopment to go ahead.
It is a body made up of Cardiff tennis, bowls, hockey and cricket clubs which has a clubhouse at the Arms Park.
Holland said that an extraordinary meeting of Cac to discuss the plan is "imminent".
He added: "The whole drive behind this project is to secure the playing of rugby at Cardiff Arms Park and for it to remain the home of Cardiff Blues and Cardiff RFC for generations to come."
Cardiff Blues are in talks with the Welsh Rugby Union (WRU) over plans to redevelop Cardiff Arms Park, says chief executive Richard Holland.