A planning application will be drawn up before going in front of the Planning Committee next March.
They will have to address environment and traffic congestions issues, with the main route to the area from Scunthorpe - Berkely Circle - already heavily congested at peak traffic times.
Scunthorpe United are expected to use the new academy as a training centre.
It will include a eight-lane pool, gym and multi-purpose sports arena. The Council predict it will cost £12.4m to build.
The location has been chosen after a limited consultation with residents, with the Glanford Park location getting five times more votes than Central Park.
Cllr Don Stewart, leader of the council, said: "Things are now moving fast for a project of this size. A development that this area has never seen, and many thought we could only dream about.
"This iconic development is a key part of our plans to create a modern leisure service. To do this it is no good tinkering at the edges - we need to think big.
"The sports academy will provide first-rate facilities - something this area has lacked for a number of years.
"As part of the planning application, expert consultants will look at whole range of issues, including traffic levels, car parking, access and the environment.
"We have lagged behind the rest of the region for too long. This development will see North Lincolnshire people enjoying a facility that will rival the best in the region. And not before time."