The plan is expected to raise £2 million which will go towards the modernisation of the 'Cherry and White's' crumbling stadia and increase their capacity to 14,000.
A trust called the Kingsholm Supporters Mutual (KSM) has been set up to raise funds through the share scheme that will allow individuals to purchase a stake in the club.
Walkinshaw, who will remain as Gloucester's Chairman, has secured a £4m loan for the project and is hoping that the sale of his shares and commercial activities associated with the new stand will make up the short-fall.
"The fans will be offered the chance to purchase shares in Gloucester Rugby Club via the KSM. That money will be used exclusively for rebuilding the stadium," said Walkinshaw.
"When I think back to several years ago, it was quite clear we had to find a way to build the club up and establish it at the top echelons of the league.
"Renting a football ground, I believe, is not the way forward and the people of the West Country want their own stadium that is exclusively for rugby.
"This is rugby land. The stadium project is not just for the city of Gloucester, but the whole of the West Country and wider community."
Gloucester plan to redevelop Kingsholm in three phases, with work starting – if finance is in place – at the end of this season, in time for the start of the 2004/05 campaign.
The development and increased capacity will generate more revenue and will open the way for possible international fixtures and non-sporting event to be held at Kingsholm.
Supporter Mutual organisations are common in professional football and they have achieved good results, including AFC Bournemouth's £1 million project towards their new 10,000-seater stadium.