The Gulls haven’t let relegation to the Vanarama National League South stand in the way of their idea.
The plan for a new stadium includes an academy and event arena. A housing development will also be included, plus a hotel and hospitality facilities.
The proposals include an ‘expandable stadium’ which has a capacity of 10,000 - as well as a 30,000 capacity arena.
The Devon club currently play at Plainmoor, pictured, but have big ambition.
Torquay chairman Clarke Osborne said. “This is a great opportunity for us to join businesses planning investment in Torbay.
"Our project will bring major inward investment, long-term sport and leisure facilities - and equip the club to climb back into the English Football League and stay there."
Torquay begin their National League South season at Chelmsford City on Saturday week.