This is how the proposed new stand would look

The Scottish Premier League club say they will submit an application for a new 10,000-seat Main Stand, plus hotel and leisure facilities, in October.

Chairman Roman Romanov told his club website: "We hope that our submission will be looked on favourably.

"The board's plans will bring great benefits to both Hearts and Edinburgh."

Interview: Hearts spokesman Pedro Lopez

There have been protracted negotiations with City of Edinburgh Council about land adjacent to the stadium.

But Hearts say they are now "at an advanced stage" and have now entered a consultation process with the local community.

"In our mind, the result will undoubtedly lead to Edinburgh being home to one of the country's top football stadiums while also offering benefits to those that live and work in the surrounding area," said Romanov.

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"We are very focused on delivering a truly spectacular development for our players, supporters, sponsors, partners and neighbours.

"The newly-developed stadium will ultimately lead to the creation of over 300 new jobs and provide an economic boost of at least �1.2m per season to both the immediate area and the wider city economy."

Hearts insist that there is "a significant possibility" that the team would continue to play at Tynecastle during construction - despite a reduction in capacity.

As the club has 13,500 season ticket holders, attendance would likely be limited to those customers during the redevelopment.

The main stand at Tynecatle was constructed in 1914

The project also includes proposals for a gym, a club shop and a restaurant, and has been in the planning stages for two years.

Hearts are �28m in debt but the club's deputy chief executive officer, Pedro Lopez, insists funding will be provided by club owner Vladimir Romanov's business empire.

"Of course, the vision for this club is for the club to be self-sufficient and self-funding in the future," said Lopez.

"That is why we are investing in facilities and the playing squad, so the team can succeed on its own.

"There are parties interested in financing this project and we are speaking with them.

"But you need to get the money from somewhere to make an investment. We are looking at our options, but it's likely to be a loan."

If planning permission is granted, Hearts will demolish their current 4,500-capacity Main Stand, which was constructed in 1914, next summer, with a view to the new stand being open by the end of the 2009/2010 season.

Once complete, it could cement Hearts' place at Tynecastle, moving to a new stadium having been investigated.