Browns CEO Joe Banner did not comment about who will be paying for the project but said the team "will make a significant investment."
The NFL has already approved a $62.5 million loan to the team to be used toward stadium improvements, and Banner said that loan will be applied toward the project.
The new renovation will include high-definition video scoreboards, escalators and a reduction of 3,000 seats. The 15-year-old stadium, FirstEnergy Stadium, will have a new capacity of 68,000.
"We have to do this together," Banner said. "Obviously, the planning commission and a number of agencies in the city would have to be in line and approving this project for it to happen economics aside, and obviously economics aren't an aside, so there is nothing that can happen to the stadium without the city feeling positive."