The North London Stadium will find out in July if it is one of the projects to receive government funding.
The 20,000 seat stadium is due to include indoor and outdoor training facilities and is thought to be planned for Rowley Lane, Borehamwood.
Hertsmere Borough Council has been approached about the potential sports facility and a bid was put forward in the Strategic Economic Plan for 2015/6, which seeks funding from central government for business proposals to boost the economy in the area.
The development is still in its initial phases and no planning permission has been requested, but the county council is considering the bid in relation to its potential impact on traffic.
The council hope to find out whether the stadium is to receive government funding in July this year.