The original plans for the £113million arena included a station, but this was not given planning permission..
"The business plan shows that there is an irrefutable economic case for the building of a new rail station at the Ricoh Arena," said Coventry City Council leader Ken Taylor.
"The new major business, entertainment, community and retail developments have already had a significant effect in turning around some of the most deprived wards.
"But the total benefits cannot be maximised unless this area is served by a totally integrated transport system. The business plan clearly demonstrates why the station is needed and why it would work."