Everton Football Club officials believe they have identified a site for a new 50,000-seat stadium to replace its current home of Goodison Park.
The club revealed plans in 2010 to build a £120m 50,000-seat stadium in Kirkby as part of a £400m mixed-use development,
but plans were rejected by the government.
The new site sits within the boundaries of Liverpool and the club is now consulting with Liverpool City Council to see if the new plan can get the go-ahead.
Robert Elstone, chief executive for Everton, said: "The stadium remains a big priority."
"The board is currently looking not only at this opportunity, but also the associated risks and the debt that the club may well have to take on to deliver this.
"The club wouldn't be investing what we're doing without thinking it had a chance of success."
The previous plans fell through when then communities secretary John Denham decided that the move would breach shopping policy which discourages major supermarket chains from taking business away from town and city centres.
The initial scheme would have also included new retail outlets, restaurants, a hotel and office space.
