The city widely regarded as the capital of Cornwall could be home to the county's first purpose-built stadium.

A site at Threemilestone on the outskirts of Truro has been put forward as the favoured location for multimillion-pound project following a report by stadium specialists Gardiner and Theobold.

The consultants were commissioned in May by Cornwall Council to look at the feasibility of a building a 10,000-capacity stadium, based on social factors, transport, and its environmental and economic impact.

It has ruled out Roche, near St Austell, which was also being considered as a potential site.

It means the long-held hopes of finally seeing a venue to stage both football and rugby events in the county as well as attracting large name bands have moved a step closer.

The stadium could rival the Plymouth Pavilions, commonly used as a concert venue, as well as Exeter's Sandy Park – which has now become home to Premiership rugby.

Plymouth Argyle's Home Park stadium hosted Championship football until last season's relegation, but continues to attract musicians such as Rod Stewart and Elton John for high-profile gigs.

It will be welcome news to many fighting for a new facility, including Kevin Heaney, chairman of Truro City Football Club, who has previously spoken of ambitious plans to build a stadium at Threemilestone to be shared with the Cornish Pirates.

It is thought a stadium would boost the Pirates' ambitions to play in the Premiership and attract high calibre players to the area.

Cornwall Council has said the venue would attract high visitor numbers and bring challenges in terms of planning, environment and transport.

Carolyn Rule, Cornwall Council Cabinet member for the economy and regeneration, said: "I'm sure once it's completed the stadium will be an inspiration to all that use it and will encourage participation in sports, as well as the economic benefits it can provide."