The Candystripes chairman, Pat McDaid said the Irish Government would also be asked to provide £5m with the club coming up with the remaining £5m.
The club will now attempt to persuade representatives across the northwest that Derry should be the site of the regional stadium.
"It would be a regeneration for the whole of Brandywell which is a seriously deprived area," said Mr McDaid, who declared the current stadium is an "embarrassment".
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However, the plans could prove to be contentious, due to the fact that Derry City plays in the Republic's League of Ireland.
This could cause resentment from clubs playing in the North's Irish League, many of whom may point to their own stadiums that are in dire need of funds for redevelopment.
In spite of this, Mr McDaid insists that the club have a strong case for the funding.
"We've already held meetings with the various bodies north and south and we're hopeful of securing the funding for a much-needed stadium in the second city of Northern Ireland," he said.
"We play VAT on our gate receipts like every other sporting body up here. Although we play in the League of Ireland, we're a team from Northern Ireland. We play in the Setanta Cup, which is an All-Ireland competition and we represent the city."
Derry City plans to turn Brandywell into an 8,000 capacity stadium.
(NS/JM)
