The plans include the rebuilding of the North/South Stand and an increase in ground capacity from 17,000 to 20,000.
Club chairman Colin Graves said the changes were necessary to ensure the ground could continue to host international matches.
A detailed consultation over the plans will be held, the club said.
If given the go-ahead, the proposals will also see the installation of floodlights, extra seating in the upper tier of the North East Stand and the development of a new five-storey pavilion.
The phased "transformation" of the Headingley ground will take about 20 years to complete, the club said.
Mr Graves said it was "the most ambitious project the club and the venue will have undertaken since the ground was first established 125 years ago".
"As other venues around the country continue to invest in their facilities, we cannot afford to stand still and expect that Headingley will always host international cricket," he said.
"The stark reality is that if our stadium fails to evolve, we will lose our Test Match status which would be a devastating blow to the region."
The club will work with Leeds Rugby - which is also based at the Headingley ground - and Leeds City Council to prepare for the redevelopment work, the club said.

Pathologist Prof Guy Rutty said David "Les" Ross, 39, had probably been rolled "in a foetal position" when he was attacked on 17 December 2012 at Corby's Village Inn Express.
Sitting at Kettering Magistrates' Court, coroner Anne Pember recorded a verdict of "unlawful killing".
Mr Ross's family said his death was "a senseless act of violence".
Northamptonshire Police are treating his death as murder and an investigation is ongoing. No-one from the force attended the inquest.
Mrs Pember said Mr Ross was well known in Corby, where he had previously worked as a taxi driver and nightclub bouncer, and had opened the Rubix nightclub in the weeks before he died.
Leanne Martin, who worked at the Village Inn Express in The Jamb, told the inquest Mr Ross had asked to stay in the hotel because his own house in Chelveston Drive had been broken into.
Another worker at the hotel, Paige Lindsay, said she had discovered Mr Ross's body "on his back with his feet towards the door".
Paramedic Michael Rowlatt told the inquest Mr Ross had been wearing boxer shorts and a white vest or t-shirt. He said there had been blood on the carpet and on the bed side cabinet.
Prof Rutty said Mr Ross had injuries to his face, chest and arms. He said some of the wounds might have been from a fight the previous night, but that others were caused by a "ring on a fist".
A statement from his family said they are "torn apart with grief" by an attack "carried out in a cowardly manner".
It said: "There are people still walking around in Corby who know what happened to David, who attacked him and why."
Plans for a £50m revamp of Yorkshire County Cricket Club's Headingley ground to try to secure the stadium's Test Match status have been unveiled.
[NEXT_CONCEPT]
A nightclub owner found dead in his hotel room had suffered injuries to his face, chest and arms, an inquest heard.