Plans are in place to build a new stand across one side of the ground and floodlights will also be installed.
"We're trying to take the club forward - there's lots of ground redevelopment work," he told BBC Radio Leicester.
"We've brought someone in to put a three to five-year grand development plan in place, so that we've got a number of options that we can pursue."
Khan continued: "Floodlights are an absolute must for us - we're one of only two or three counties that don't have them."
Leicestershire, who sit bottom of County Championship Division Two this season, have made significant financial losses for the past three years, totalling over £500,000 up to September 2014.
"We want to strengthen the squad and we're forecasting a profit this year," Khan added.
"My view has always been that the excess money that we make, we need to be ploughing back into the playing side, because that's going to be the health check of any cricket club."
Listen to BBC Radio Leicester's interview with Wasim Khan.
Leicestershire CEO Wasim Khan has revealed that the club plan to make major redevelopments to Grace Road.