Heineken Cup 2012 finalists Ulster Rugby will begin the redevelopment of Ravenhill in 12 days time following the 1999 European champions securing £14.7 million of funding from the Department of Culture, Arts and Leisure.
Construction work will be complete by the summer of 2014. Three new stands will be built at the ground in a phased approach that will see capacity rise from 11,400 to 18,000.
Ulster Rugby Chief Executive Shane Logan said: "On behalf of Ulster Rugby I would like to thank the Minister and her Department for releasing this funding.
"This investment will create a modern, state-of-the-art stadium with the highest standard of facilities for both supporters and players. The new Ravenhill will enhance the position of Ulster Rugby in the world game and will greatly benefit the development of rugby in the Province."
The first phase of the redevelopment will run from November 2012 until June 2013 and will see new stands built at both the Memorial and Aquinas ends of the ground.
Once the Memorial and Aquinas ends of the ground are complete, the second phase of construction will begin. This will run from July 2013 until August 2014 and will see the demolition of the existing main stand and the construction of a replacement grandstand built to accommodate 3,450 seated spectators with the new promenade providing standing for approximately 3,400 fans.
This stand will also have bar and restaurant facilities. The existing promenade will also be upgraded.
With the increased number of spectators that the new-look ground will be able to hold, Ravenhill will be capable of hosting a RaboDirect PRO12 Final or a Heineken Cup quarter- final.
