The club has outlined its proposals for a new 4,850-seater stand which would replace the existing Red Rose Suite.
It is set to feature a pitch-view suite, enhanced members facilities, a heritage centre, ticket office and retail shop which will face directly on to Brian Statham Way.
It would also take the capacity of Emirates Old Trafford to 26,700, making it the largest cricket ground outside of London.
Also included in the club’s plans are an extension of the existing Hilton Garden Inn hotel.
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Lancashire chairman, David Hodgkiss, said: “The new stand, which will replace the Red Rose Suite, will complete the redevelopment of Emirates Old Trafford which is now an award-winning, world class and all-encompassing stadium.
“Lancashire Cricket Club is committed to ensuring Emirates Old Trafford is one of the best places in the world to watch and play cricket, both at a domestic and international level and the new stand, which includes a pitch-view suite, will further enhance the facilities for Lancashire members.
“It will transform that area of the ground and will make Emirates Old Trafford one of the largest cricket stadiums in the country.”
The plans comprise part of the development of the new Civic Quarter.
That scheme is one in which Trafford Council and its partners hope to deliver plans to transform the area around the Town Hall and surrounding buildings.
The plan covers a 120-acre site taking in the Town Hall, Lancashire Cricket Club, the former Kellogg’s site including the University Academy 92 (UA 92) campus, stretching up to the A56/Chester Road and White City retail park.
The council’s proposals for the area include a new leisure centre, opportunities for new homes and offices, improved cycle and pedestrian routes, a possible new public piazza and a route linking Emirates Old Trafford with Manchester United’s Old Trafford stadium.
The vision for the redevelopment of the wider area, known as the draft ‘Civic Quarter Area Action Plan’, is also gathering pace and residents will be consulted on the proposals in early 2020.