The Peaks Parkway site has been identified by planning consultants SLR as the club seeks to move from its current Blundell Park home.
The location is recommended for approval in a report for North East Lincolnshire Council.
Six sites were analysed by SLR, but Peaks Parkway was the only one "reasonably available" the report said.
The stadium is planned to be an initial 14,000 capacity, with capability to be expanded to 20,100 seats.
It will feature leisure facilities, community football pitches and changing facilities.
The land between Peaks Parkway and Weelsby Avenue is currently green space, council buildings and allotments.
The site is close to Grimsby Crematorium.
The report is on the agenda for the council's cabinet meeting on 31 August.
It also states a detailed viability analysis and outline business case for the site would need to be presented to the council by November.
A preferred site for a new community stadium for Grimsby Town Football Club has been revealed.