Work is expected to start on the project in the near future and Yorkshire hope to hold first-class matches at the venue in the year 2000, with Academy and Second XI games before then.
They are confident that the new ground will have the facilities and, equally important, a pitch good enough for Test cricket from the outset.
As well as a #32 million stadium with a capacity of 25-30,000 spectators, the development will include a cricket academy, a cricket museum, five practice pitches and facilities for other sports, parking for 1,400 cars, a railway station, a marina, picnic areas, riverside walks and hotel and catering facilities.
It will be built on a 240-acre site alongside Junction 39 of the M1 and the proposed funding includes a National Lottery grant of #28 million, European grants worth #6.93 million, #15 million from public and private sector investment and #400,000 from sports-related bodies.
At yesterday's official announcement Sir Lawrence Byford, Yorkshire's president, said: ``This is a momentous day. At long last our club, with its distinguished cricket heritage, is on the threshold of owning its own stadium together with community facilities that will enable us to advance the cause of cricket throughout the county.''
Colin Croxall, leader of Wakefield MDC, added: ``I appreciate today's announcement is a huge break with tradition, but the world-class facilities we are offering will make Yorkshire County Cricket Club the envy of the sporting world.''
Keith Wilford, chairman of the Yorkshire Supporters' Association, said: ``There will be a mixed reaction. But from a personal point of view I am in favour of a move. It is absolutely vital for Yorkshire to own their own ground.''
News of Yorkshire's decision to end a 106-year association with Headingley came as no surprise. Yorkshire do not own the ground, leasing it from the Leeds Football, Cricket and Athletic Club, and they have become increasingly frustrated tenants in recent years.
Headingley has been the subject of criticism for its antiquated facilities. Nor has persistent crowd trouble on the notorious Western Terrace during the major matches endeared the ground to true cricket lovers.
Last November, Yorkshire stated that they were considering leaving Headingley unless they could purchase the cricket ground from Leeds FC & AC, who own the adjoining rugby stadium used by the rugby league and rugby union clubs.
Four months later Wakefield announced details of their ambitious project to provide Yorkshire with a new home.
The decision to leave Headingley follows a controversial move by Yorkshire to take first-class cricket away from the outgrounds at Harrogate, Sheffield, Bradford and Middlesbrough next season and concentrate on Headingley and Scarborough.
Sir Lawrence commented: ``Headingley is tired and, unless a vast amount of money is spent, it has no chance of retaining its Test match status.
``This is an emotional day, but the time has come when Yorkshire needs its own ground, which will be the best cricket stadium in the country. Basically it's a question of money.''