Speaking to TalkSport, the American billionaire explained that the stadium will grow across three stages.
Foley also said talks are underway with the council to get quick approval for their plans, with the funds already in place for the redevelopment.
After the players move into the new training complex, which Foley said would come in April, the next stage is the stadium.
“We are well underway to having a solution for our stadium with several stages in mind,” he said.
“The first stage would be to grow to about 16,000 seats, the next stage would be about 20,000, and the third stage would be to about 24,000 seats.
_(Image: Richard Crease)_ “Much more hospitality and a much more welcoming environment, in terms of when people arrive and how they get into the stands and so on.”
There have been a number of proposals suggested for the stadium, including redeveloping Dean Court, or building a new ground on the current training ground.
But, Foley confirmed at the end of January that the plan would be to ‘dig down’ to expand the Vitality Stadium rather than move elsewhere.
Now, Foley has confirmed that the club are hoping to acquire the stadium, which is currently privately owned by property company Structadene.
“We are hopefully going to be acquiring the Vitality,” Foley said.
“We have a plan in place. It is going to be a staged effort, and we need to have the council’s approval.
“We’ll start with the south stand, and we’ll really expand that and make that a permanent stand with some hospitality.
“At the same time we’re going to be redoing the main stand in terms of hospitality and ingress and egress, high speed elevators and so on so people aren’t having to walk up three flights to go to have lunch and then walk down two flights to go to their seats, and then walk two flights up again.
“The stadium is just antiquated and we need to improve it.
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“We’ve been working hard on it. Our general contractor was over in Las Vegas last Monday and we spent four or five hours together, going through options and looking at the stages and how we move forward.
“Now we’re working with the council to see if we can get fairly quick approval for what we want to do.
“We’ve already raised the money, so the sooner we get approvals and we get our design plan in place, we’ve already retained our architects and retained our builder and so on, we’ll be ready to go.
“People will be surprised with how quickly we go with this situation.”