The move would see plans for a community stadium at Newmarket Lane scrapped for good in favour of Trinity remaining at their current home.
Wakefield Council has announced a deal which would see the club stay at Belle Vue next season ahead of building work starting on its redevelopment.
Trinity owners Michael Carter and Chris Brereton confirmed that they had given agreement in principle to the deal.
The new Super League-standard stadium at Belle Vue would be built by 2020 if goes ahead.
Involved the new proposal are the council, club, Belle Vue owner 88m Group and Yorkcourt, the developer behind the Newmarket Lane scheme.
Council leader Peter Box said: “Today we have shared a bold proposal that has the potential to deliver a new future for rugby league and community sport in this district.
“If we all work together Wakefield Trinity fans can have a ground to be proud of.”
Wakefield Council said it was willing to take out a lease on the Belle Vue site to speed up the project.
Trinity had been considering a move to Dewsbury next season after Rugby League bosses warned that special permission to stay at dilapidated Belle Vue could not simply keep being extended.
The Newmarket Lane plan suffered multiple setbacks and disputes over how best to get the stadium built.
Michael Carter said: “Myself and Chris Brereton are happy, after some tense negotiations, that we have agreed in principle a future ground for Wakefield Trinity.
“We are yet to agree all the minute details and have agreed with all parties that this will be finalised by October 31.
“If this proves to be satisfactory, then the club will stay at Belle Vue for 2018 and be in a new stadium as soon as possible.”
The current Belle Vue ground was sold in September 2016 to 88m Group.
A new development at the site would include retail space and new homes under the proposed deal.
Manni Hussain, chairman of 88m Group, said: “The new stadium will not only provide a home for Wakefield Trinity securing their long-term future.
“It will also be the centerpiece for the whole redevelopment of the site at Belle Vue, breathing new life into this important part of the city.”