The news comes on the back of an impressive start to their third continental campaign and their second Heineken Cup outing, with a six-try win over Cardiff Blues and a losing bonus point at Glasgow Warriors setting them up nicely for the December double header with Toulon.
The home leg of that mouth-watering match up with the reigning European Champions on Saturday, December 7 sold out in just three hours as the Sandy Park faithful look forward to another huge Heineken Cup encounter following last season's clashes with Leinster, Clermont and the Scarlets.
"We are delighted that Sandy Park has again been singled out for such praise within the rugby community. Since we moved here in 2006 from the old County Ground, our aim has always been to deliver the best match-day experience, as well as the best facilities to all those who visit us," said Exeter chairman and chief executive, Tony Rowe.
"Clearly what we are doing - both on and off the field - is a winning formula, but we are determined as always to keep raising those standards to ensure we provide the best possible experience for all of our customers."
The 10,744 capacity stadium has already been named as one of the host venues for the 2015 Rugby World Cup, with plans to increase the gate to over 12,000 by the time of the next global gathering and to more than 20,000 at a later date dependent on the club's progress.
The first phase of the redevelopment is due to begin the New Year when the West Grand Stand provides the starting point for the improvements.
"We already believe we have one of the best venues in the South West, but this award shows we're one of the best in Europe, which will help our exposure as we commence the process of increasing the size over the next few years in preparation for the Rugby World Cup," added the Chiefs' head of corporate, John Wood.