The council will now lead a working group to progress with plans for the facility.
Among those involved in the working group to plan the development are Dundee Football Club, the University of Dundee, NHS Tayside and Leisure & Culture Dundee.
The centre will be funded by the council and sportscotland, with both investing £5m.
Dundee City Council and sportscotland have already worked together to deliver a number of significant sports investment in the city, including the Dick McTaggart Regional Gymnastics Training Centre and the new Olympia.
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Welcoming the announcement, Councillor Ken Guild said: "Our partnership group has been working hard on plans for a large scale sports facility in the city which can be open for both performance and community use.
"While Camperdown was the preferred location in our national bid, we feel that Caird Park, which already plays host to a range of sports, is much better suited to the regional model."
Cabinet Secretary for Sport, Shona Robison, added: "This new state-of-the-art sports centre will be a great asset for athletes but it will also provide some fantastic facilities for the local community in Dundee to help keep people active and energise the Legacy of the recent Commonwealth Games.
"I am delighted that we've been able to confirm Caird Park as the location for the new centre and all of the partners involved in the project are working extremely hard to see this exciting project come to fruition."
Stewart Harris, Chief Executive, sportscotland, commented: "At sportscotland we are committed to ensuring that people across Scotland have access to more and better opportunities to make sport a part of an active lifestyle. As part of that aim, we have worked together with our partners in Dundee City Council for a number of years now to develop the facilities on offer throughout the city."
(JP/CD)
