As well as being home for Rovers, the Lakeside Sports Complex will be home to Doncaster Rovers Belles women's side, rugbyleague club Doncaster Dragons and Doncaster and Stainforth Athletics Club.
Rovers expect to be playing at the ground by Christmas 2006.
Mayor of Doncaster Martin Winter said: "This is a significant day for the borough and we are tremendously excited.
"The stadium has been two years in the making and now it is even closer to becoming a reality."