The former gas works in Grangetown could be transformed into a huge housing estate.
Cardiff council has revealed plans to buy up the land at Ferry Road to develop around 500 new homes.
The council said the plan is part of their target to have 1,000 new council homes by March 2022 and a further 1,000 afterwards.
There are only a few structures left on the site near Ikea that point to its history, including three gas holder bases.
One is Grade II listed and will remain as part of the development. The cabinet document states: "[It] will need to be incorporated into the masterplan, whether as homes or for a commercial, educational or leisure use."
The plans will include family homes, "high density development" and open space and improved transport links.
If the cabinet give the go ahead, the council will enter into an "acquisition contract" with Wales and West Utilities and National Grid for the freehold interest.
Cardiff Council said: "The site is currently owned jointly by National Grid and Wales and West Utilities. Discussions have been ongoing for a number of years between the owners and Persimmon Homes. Despite these lengthy negotiations, Persimmon Homes have yet to enter into contracts. The owners are frustrated with the time being taken to finalise the deal hence seeking an alternative."
A valuation of the site has been made by the council, but the figure has not been made public.
A number of reports, including the site plan and valuation report, have been marked confidential by the council.
The plans will be considered at a cabinet meeting scheduled for Friday March 20.
