A six-point plan will be finalised after meetings with supporters, players, staff and management.
The training facility will be built adjacent to the ground and could be in partnership with North Lincolnshire Council.
The terrace will also be redeveloped as part of the plans. It will include conference and banqueting facilities, a relocated club shop and a cyber café offering healthy food.
United will also work in partnership with the Scunthorpe Telegraph to form a new official supporters club, initially it will be funded by the club.
A member of the group will attend board meetings in a bid to improve communication between fans and the club.
Chairman Steve Wharton said: “It is easy to demand such a club, finding committed people with enough time is the difficult part and that is where the Telegraph will help.
"It is our plan to hold a discussion evening with interested people during the next few weeks, a direction agreed and a club formed.
"It is anticipated that the club will be very active in the future, with forums organised on a regular basis, but also with membership benefits."
The club have also confirmed an extension of the sponsrship deal with Chrysler-Daimler.
It is worth £100,000 over two seasons after the current deal expires.