The plans include the rebuilding of the North/South Stand and an increase in ground capacity from 17,000 to 20,000.
Club chairman Colin Graves said the changes were necessary to ensure the ground could continue to host international matches.
A detailed consultation over the plans will be held, the club said.
If given the go-ahead, the proposals will also see the installation of floodlights, extra seating in the upper tier of the North East Stand and the development of a new five-storey pavilion.
The phased "transformation" of the Headingley ground will take about 20 years to complete, the club said.
Mr Graves said it was "the most ambitious project the club and the venue will have undertaken since the ground was first established 125 years ago".
"As other venues around the country continue to invest in their facilities, we cannot afford to stand still and expect that Headingley will always host international cricket," he said.
"The stark reality is that if our stadium fails to evolve, we will lose our Test Match status which would be a devastating blow to the region."
The club will work with Leeds Rugby - which is also based at the Headingley ground - and Leeds City Council to prepare for the redevelopment work, the club said.
Plans for a £50m revamp of Yorkshire County Cricket Club's Headingley ground to try to secure the stadium's Test Match status have been unveiled.