Cornwall Council has selected stadium consultants Gardiner and Theobald to explore possible sites for the development and come up with a "robust" business case.
Under the council's plans, the proposed stadium will be capable of accommodating more than 10,000 spectators, at least 4,500 of which will be seating capacity.
In addition to providing a home for local rugby and football teams, the new stadium is expected to act as a sports hub for the county and also be able to stage major entertainment events.
Cornwall Council cabinet member for economy and regeneration Carolyn Rule said: "The stadium would help to retain, nurture and develop talent to achieve the highest levels.
"We believe that there could be great opportunities for the council to work with sports clubs and businesses to come up with the best solution for Cornwall."
A hotel, food and beverage facilities and a leisure development could also form part of the stadium scheme in order to provide revenue-generating capabilities.
Gardiner and Theobald's team also features pmpgenesis; Five Lines Consulting; and the Miller Partnership Architects.