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Stadium Developments, a Hull based company run by property tycoon Eddie Healey, originally wanted to continue the development of retail in the area some years ago but plans were rejected and Healey diverted his attentions to Meadowhall.
Healey subsequently sold his share in Parkgate Shopping but now the company are looking to continue their initial leisuire plans which would involve buying the bolt-on land and going hand in hand with a new community stadium, subject to the council's go ahead.
"We have not secured the land deal yet and until we do nothing can happen.
It is something that needs to happen in the town and the support for a new stadium was clear when we held the recent United Rotherham day at Millmoor."
Boss Mark Robins added: "It is good news and if it does happen it will be excellent news for the football club and for the town. Obviously there's a long way to go yet but we are all optimistic."