The new facility will be based on Garstang Road, bordered by Grange Park Estate and Baines School.
The club has exchanged contracts for the site, which will house both the first-team and the academy.
The facility will house a “bespoke building” which includes changing rooms, plus medical, coaching, fitness and education areas.
Initially built with six pitches, one full-sized artificial pitch and a covered artificial area, the site will be designed for one of the pitches to be utilised as a “show pitch” for development and Under-18 games.
The facility will enable the club to move from Category Three academy status to Category Two, when appropriate.
“The club has worked tirelessly to identify a suitable site for an elite training facility to house the first-team and academy ever since its change of ownership in June 2019,” the Seasiders said.
“Throughout the process, the club has been supported by Blackpool Council and instructed its own specialists, led by AFL Architects, to ensure a comprehensive search of suitable sites was conducted, with more than 30 considered.
“A small number of preferred locations were then scrutinised and after careful deliberation this site, for first-team and academy use, presented a superb location to deliver the environment that Blackpool Football Club needs to progress.”
The club has already conducted the required pre-application planning meetings with Blackpool and Wyre Councils and will now undertake the rest of the required work to be able to submit the planning application at the earliest opportunity.
The plans will then be put out for public consultation.
“During the months ahead, we will engage with all the local communities and stakeholders to ensure that the planning application is successful as soon as practicable,” the club added.
“Since the very first day that I became the custodian of this Football Club, my priority has been to deliver a training facility that integrates the academy right through to the first-team,” Sadler said.
“I have always maintained that our future success is being built upon three pillars - coaching, recruitment and the academy. This new training facility is integral to that, and will reinforce that Blackpool is the pre-eminent club on the Fylde Coast
“The training ground forms part of a holistic approach to developing the club’s infrastructure, with the other key part being a new East Stand and sports village.
“The latter is intrinsically linked with Blackpool Council’s regeneration of the Revoe area and that will, in turn, provide facilities for community use and allow the club to further engage with supporters.
“I very much look forward to breaking ground on each of these developments and would like to thank Blackpool and Wyre Councils for their ongoing support, and my wife Gillian for helping to make this landmark moment in our history a reality.”
Former Blackpool and England international Trevor Sinclair also described it as a ‘disgrace’ with the facilities long being a point of ridicule for the club.