Wolverhampton Wanderers Football Club (WWFC) have unveiled plans for a £40m revamp of Molineux stadium, which will increase the venue's capacity to 36,000.

The initial two-phase redevelopment of the ground, which will be carried out over a three-year period, will see the Stan Cullis (North) and Steve Bull (East) stands demolished and replaced with new two-tier structures. Stage One will comprise the construction of a new stand to replace the Stan Cullis (North) stand, which is due to get underway at the end of the 2010-11 season and will feature a museum, a café and a club shop.

A family information centre, pitch-facing hospitality facilities and a large video screen also form part of the proposed new stand in the first phase, which will extend into an open corner at the north east of the venue. The second stage will involve the replacement of the Steve Bull (East) stand, which will be rebuilt over a two-season period between 2012-14 and is due to be fully open in time for the 2014-15 season.

WWFC has revealed that plans are afoot for a third and fourth phase - comprising the construction of a second tier on the Jack Harris (South) stand and a redeveloped Billy Wright (West) main stand. However, a decision to proceed with the latter two phases will depend on supporter demand, while the entire scheme remains subject to the approval of planning permission from the local authority.

WWFC chief executive Jez Moxey said: "These plans represent an exciting vision for the redevelopment of Molineux, which our chair Steve Morgan had when he first acquired the club in 2007. "His commitment to Wolves and his investment into all aspects of the club has helped us develop both on and off the field, culminating in the team retaining its Premier League status for the coming season."