Modernghana.com on Monday reported that the majority shareholder and Chairman of the club, Togbe Afede XIV has pledged to build the stadium for the club.
The stadium will be situated at Pobiman, where the club secretariat and offices are currently under construction with the second phase of the project almost completed.
An official announcement and sod cutting is expected to be done by the club in the coming days.
The 19 times Ghana Premier League champions will quit playing their home matches at the Accra Sports Stadium when the 5000 capacity stadium is completed.
Hearts of Oak have been impressive in the ongoing 2020/21 Ghana Premier League season.
The Phobians currently on top of the league log with 59 points after 31 matches played.
The Rainbow club has dominated the local media and headlines following their impressive 1-0 win over their rivals, Asante Kotoko on Sunday.
Hearts of Oak are however on course to win their 1st Ghana Premier League title in 12 years under Samuel Boadu.
They remain the only club to have won the Caf Champions League and the Confederations Cup.
Source: Modern Ghana