The 112-year-old club will provide between 75 million to 100 million pounds ($105-140 million) to rebuild its vintage stadium, inaugurated in 1924 and rebuilt twice, in 1969 and 1994, which currently has a capacity of around 26,000 spectators, reports Efe.
Steve Parish, president of the Crystal Palace, said in a statement: "I am absolutely delighted that Croydon Council has backed our plans for Selhurst Park".
"This project will not only transform the stadium, which has been our home since 1924, but it will also have a positive impact on the South London community," he added.
After Croydon Council's approval, Palace must refer the project to London City Hall, who must also give its approval before heavy construction equipment can move onto the stadium premises.
CPFC's stadium's new design includes a modern five-storey spectators stand and a facade built entirely of glass boasting a massive rendition of the team's "Eagle" crest.
Its architectural project was commissioned to KSS architects, also responsible for rebuilding other historic English stadiums such as Anfield, Twickenham and Wimbledon.
In case London City Hall, currently presided by Labour's Sadiq Khan, also gives its approval, major construction work on the site is due to start as soon as the 2018-2019 football season is over. It is expected to last around three years with a completion horizon set for the 2021/2022 football season.
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