The club have also been in talks with the Rotherham Rugby club to gauge support with them and see how they see their future standing.
Millers Chairman Peter Ruchniewicz told the club's official website: "The new stand development has really focused minds on how the development of Millmoor could assist the regeneration of Masborough, benefitting all who live, work and have businesses in the area.
"In the long term, we want to cement an already excellent partnership with the Council, by assisting in delivering a wide range of community benefits."
Roger Stone, leader of Rotherham Council added: "The Council now recognises the extensive work the football club is already doing in the community and we look forward to a constructive dialogue with them over their plans for a community stadium.
"We are keen to explore ways in which the links between the club, the council and the local community can be developed for the benefit of Rotherham as a whole."