The football club is seeking full permission from Rushcliffe Borough Council for the replacement of the Peter Taylor stand, increasing the amount of seating from 5,000 to 10,000.
In addition, it has applied for outline permission for 250 homes at the stadium site, which it says will help fund the new stand.
A planning statement submitted to the council, prepared by consultancy Savills, said: "The stadium redevelopment proposals require significant funding which will, in part, be funded through the development of the residential development.
"There is a clear relationship between the stadium redevelopment and securing planning permission for the enabling residential development given the viability of the scheme."
Because the new homes are set to finance the construction of the new stand, the club is not proposing to provide any of the new homes as affordable, the planning statement said.
The new homes would be built in two blocks of between 11 and 13 storeys.
If approved, the development would also mean the relocation of a boathouse on the site occupied by Nottingham Rowing Club to a nearby site.
Rushcliffe’s local plan, adopted in 2015, does not allocate any housing on the site.
However, the planning statement said the plan supports housing development on unallocated sites within built-up areas subject to a number of criteria relating to design, heritage, amenity and highways matters.
Another policy cited by Savills supports the development of sporting facilities.
The statement said: "The uses are entirely compatible with the locality in terms of policy and impacts, with the proposed mix of uses confirmed acceptable in principle by officers during positive pre-application discussions."
There would be "no significant impact" on nearby heritage assets including the nearby Trent Bridge and Old Trent Bridge Flood Arches, the planning statement said.
In May, housing agency Homes England took a stake in a 3,000-home scheme on former green belt land in the borough, using money from the government's £1.3 billion Land Assembly Fund.