Bradley Big Local Community Land Trust hopes to develop a full size all weather 3G pitch at the Nelson-based sports facility.
If successful, it will be owned and managed by the community for the community.
As part of the plans, the pitch could be used for several sports and could be subdivided into smaller areas when needed.
Bradley Big Local Community Land Trust is also looking to provide changing facilities.
Coun. Nadeem Ahmed, leader of Pendle Borough Council, said: “This offers a fantastic opportunity to revitalise an underused sporting facility in Nelson, and place it back into the hands of our community.
“It would bring about a greater use of the field as well as the Community Centre, which would lead to a reduction in antisocial behaviour in the area such as vandalism, littering and fly tipping”, he added.
The Trust hopes to get most of the funding from the Football Foundation, Sport England and the Government’s new Community Ownership Fund to pay for the pitch.
Philip Mousdale, Pendle Borough Council’s Corporate Director, said: “There is a shortage of two full sized 3G pitches in Pendle and there is potential spare capacity at Hodge House.
“The current playing field has poor drainage which means it is uneven and often waterlogged, and so many of the sports that were played here have relocated elsewhere.
“It will bring an affordable and accessible facility to this area of Nelson and improve people’s health and wellbeing”, he explained.
Waqas Arshad, chairman of Bradley Big Local Community Land Trust said: “The Trust is pleased to have the council’s support. This is a large-scale project which demonstrates our continued commitment to securing investment in the Bradley area.
“The council’s agreement in principle means we can begin to make our ideas a reality and local residents will have a key role to play in the design of the facility as well as planning for the future operation and management of the pitch.”