Trinity released a statement today saying they had also dropped plans to sue the council after a long-running row over the stadium plan.
The club will remain at Belle Vue following meetings between Trinity, Wakefield Council and Belle Vue owner Manni Hussain, of 88m Group.
The Belle Vue idea was suggested after separate plans to build a community stadium at Newmarket Lane near Stanley stalled.
The club walked away from the Belle Vue deal after a disagreement over rent and income from the stadium.
Trinity threatened court action, saying the council should compel a property developer to go ahead with the Newmarket plan.
But Trinity owner Michael Carter said today: “The meeting was very positive. It cleared up some of the previous misunderstandings and explained some of the details behind the whole scheme, which the club now understands more fully.
The club remain committed to seeing the community stadium come to fruition whilst safeguarding the long term future of the club.
“The club would like to thank both the 88M Group and the council for this meeting.
“We now accept that there is no basis for any legal action against the council and will work diligently alongside both parties to take this forward.”
The redeveloped Belle Vue stadium is expected to be ready in 2020.