It's the largest ever investment into a racecourse by the commercial group. The £45 million vision would see a new state-of-the-art grandstand in place of the current 'A&R' stand built in the 1920s.
It would include new annual members' facilities, general public viewing areas, private boxes and Royal Box facilities.
The plans are subject to planning consent, with a detailed application being submitted to Cheltenham Borough Council by the end of April.
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Any mist or fog will clear quickly during the morning leaving the rest of the day dry with plenty of hazy sunshine.
Saturday will be fine and dry with sunny spells but with a noticeable easterly breeze.
Former Aston Villa, Coventry City and Leicester City star Dion Dublin tells ITV News Central how he thinks his former teams are doing.