Leeds City Council said subject to final approvals, funding for the scheme will be provided from a financial services company, with no cost to local authority taxpayers.
The site, which is home to rugby league side Leeds Rhinos, rugby union side Yorkshire Carnegie and Yorkshire County Cricket Club, will be redeveloped in six phases over the next 20 years.
Features include installing new floodlights and the rebuilding of the North/South Stand, adjoining the rugby ground, which will become the centrepiece of the project. The cricket ground's capacity will also increase from 17,000 to 20,000.
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City Council Leader Judith Blake said: "I'm delighted we've found a solution that will ensure Headingley continues to enjoy full international sporting status. Subject to the final approval of the Council's Executive Board, this will deliver the funding to redevelop the stadium in full. The money will be provided by a private financial services company at no cost to the council tax payer, which offers the best and most viable option moving forward."
Gary Hetherington, chief executive of Leeds Rhinos, said: "We have been working closely with Leeds City Council and partners to find a solution to ensure international sport continues at Headingley Carnegie for many years to come and we appreciate all the effort and commitment put in by Leeds City Council to broker this deal.
"There is still much to do but recent developments are very encouraging and could provide the funding mechanism to complete the redevelopment work."
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