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The school is due to vacate its current 30-acre site on the Northland Road in 2012, and the deal will see the university utilise the space to add new facilities to its Magee Campus.
"The university has always made it clear that a pre-condition for the expansion at Magee was the acquisition of additional land, and we have submitted a bid to expand our student numbers," said University of Ulster’s Vice-Chancellor, Richard Barnett.
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"With the news that we have secured an option on these sites - and once the government gives us permission - we can commence our build-up of student numbers.
"The University of Ulster is a primary force in delivering the skills base, driving social and economic regeneration and contributing to the cultural vitality of Northern Ireland."
Jack Magill, headmaster of Foyle and Londonderry College, added: "We all know it is the key to the future economic wellbeing of the city, and the Foyle Governors have always seen the university as the preferred inheritor of our land as it keeps it in the education sector."
He continued: "This tacit understanding between us has now been given a shape and a timescale. I look forward to seeing the area revitalised by the university creating a broader campus with new departments and new architecture."
(NS/KMcA)
