The Cato Corporation wants to purchase all 32 acres of the old Knights stadium in Fort Mill, S.C., according to York County officials.
A councilman said it's the best return on investment they've been offered to date.
On Monday, the York County Council will take up a proposal to sell the land to Cato.
The Charlotte Knights will be leaving the stadium after this season, moving to their new digs in Uptown Charlotte.
Cato recently bought adjacent land to the stadium. The councilman said talks are revolving around high-end retail and mixed use development, a destination for Fort Mill residents.
Neighbors have their own ideas for the vacant stadium's future.
"I think it'd be a good opportunity for Jerry Richardson and the Carolina Panthers to buy that property and establish a relationship with a training camp facility there for the players," said Bo Butler.
The deal is far from being done and selling the land is a long process. Council members will have to approve a sale multiple times and the public will have a chance to give input before a finalized deal.