The region and the council have reaffirmed their intention to relocate to the historic ground from the start of next season, ending their temporary stay at Electric Brewery Field.
The move further increases the pressure on the WRU to find an alternative plan to their unpopular current strategy to cut one professional men’s teams team, which has been met with widespread criticism.
The proposals will be considered by the council’s cabinet on 25 March, with work potentially beginning as early as next month.
The move comes against the backdrop of continuing confusion and uncertainty in Welsh rugby, with the WRU planning to reduce the number of professional regions from four to three and ongoing discussions involving Ospreys owners Y11 Sport & Media.
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Swansea Council leader Rob Stewart made clear that the lack of direction from the governing body had forced Swansea to act independently.
"The future of St Helen's has been on hold due to ongoing discussions about regional rugby in Wales which are unlikely to end anytime soon,” he said.
"The WRU is not giving us the answers we need to move forward despite our requests, such as how Y11 can own two teams for a long period of time. In light of the impending EGM, I doubt the WRU knows where it is going.
"We must break that deadlock in the meantime and find how we can move forward as a city despite the WRU's lack of answers.
"We propose to create a new model that strengthens both professional and grassroots rugby across Swansea and the Ospreys region.
"Our joint investment would give the Ospreys a home worthy of professional rugby while opening up this iconic ground to the community like never before.
"This continues our support for the Ospreys remaining as a professional rugby region based in Swansea."
READ MORE: Swansea Council Goes to High Court to Block WRU Plan Over Ospreys
Under the proposals, St Helen’s would be transformed into a modern rugby venue while also serving as a major community hub.
Central to the redevelopment is the installation of a state-of-the-art 4G pitch, which would be used by the Ospreys for matches and training, while also being made available to schools, clubs and community groups throughout the week.
The joint investment model would see Swansea Council fund key community-focused elements such as the pitch and floodlights, while the Ospreys would deliver enhancements aimed at professional rugby, including a new stand, fan zone and broadcast facilities.
A new Swansea Rugby Community Board is also planned to oversee the project and ensure it delivers long-term benefits locally, with former Wales captain Alun Wyn Jones set to play a role in shaping its direction.
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If approved, the move would mark a third home venue in as many seasons for the Ospreys, who previously left the Swansea.com Stadium to relocate to Bridgend for the current campaign.
Ospreys director Rob Davies said the plans had been developed over several months in partnership with the council.
"We have been working with Swansea Council for many months on the redevelopment of the iconic St Helen's ground,” said Davies.
“We're delighted that we've found a way to not only progress our plans to play back in Swansea from next season, but also to further enhance the work we've always done in our community."
Beyond the professional set-up, the proposals aim to significantly expand rugby participation across the region, with year-round access to facilities supporting schools, youth teams and grassroots clubs, while strengthening coaching and development pathways.
Stewart believes the approach could provide a blueprint for the future of the game in Wales.
"For the first time in many years, children and young people will have access to a safe, modern, central facility - whatever the weather.
"This model strengthens the player pathway by linking clubs, schools, colleges and the Ospreys Academy.
"We believe this approach is unmatched anywhere in the UK and lays the foundation for a thriving rugby community at every level."
While uncertainty continues at national level—with legal action ongoing and an extraordinary general meeting of the WRU looming—the partnership shows the council and the Ospreys board are no longer prepared to stand still.
Instead, by accelerating plans for St Helen’s, the council and the Ospreys are attempting to shape their own future rather than wait for one to be decided for them.
