The new ground, which could be called the Riviera Stadium, will be built by an American development company and will be on part of a 42-acre site near the Willows residential area.
David Phillips, Chairman, Torquay United
The Gulls have played at Plainmoor, which is owned by Torbay Council, for 105 years.
The current ground is already one of the best in the National League.
Some people including former Chairman Mervyn Benny think there's no need for the club to move, especially when the Gulls are struggling to avoid relegation.
We know Plainmoor as Plainmoor and my love is at Plainmoor.
But Torquay officials say a move to a new ground with an all weather pitch is essential to open up other revenue streams.
Stephen Breed, Chief Executive, Torquay United
If all goes according to plan the new stadium, would have an initial capacity of around six thousand and could be opened as early as the 2017-18 season.