The Owls hope that a new roof structure for the Kop and West stands will see the stadium chosen by the Football Association as a potential host venue for England's World Cup 2018 bid.
Work is expected to be completed by the end of 2013 as Wednesday aim to improve the "matchday experience" for its supporters, while funding for the redevelopment is expected to come from club revenue and government grants.
Club chairman Lee Strafford said: "All fans would agree that Hillsborough is in need of investment and we are happy to present plans that will improve the fan experience, boost the club's revenue capabilities and also strengthen our ties with the local community.
"I want to see us hosting schools, adult learning groups and other community organisations all year round. I believe this is the right approach to achieving long-term success, both on and off the field."