Anfield: Home since 1892 (ShaunBotterill/Allsport)

Club officials have submitted plans for a 55,000-capacity stadium after investigating a number of different options for the future - including expanding the current ground to take 52,000 people.

The new stadium would be able to hold 10,000 more people than Anfield, which has been Liverpool's home for 110 years.

The club first revealed news of a possible relocation in September 2000, but the project - which will cost between £60-70million - is now closer to fruition than ever before.

It replaces previous plans for a 70,000-capacity stadium costing £120million - an idea eventually rejected by the club as being too expensive.

Club officials say that if the process goes smoothly, Liverpool could even be ready to move into their new home by 2005. They believe the project could help regenerate the Anfield area.

Earlier this week it was announced that funding for the Vernon Sangster Sports Centre in Stanley Park was being cut by Liverpool City Council, although denials were quickly issued that there was any connection with the future of Anfield.

Liverpool chief executive Rick Parry said: What we don't want to do - and what we won't ever do - is lose the focus that the team comes first.

'We always want to ensure the revenue is available for the manager to strengthen his squad. That is one reason why we haven't pressed ahead with our original plan for a 70,000 stadium.

'We don't want to have a huge financial millstone hanging around our necks. Our view is that this stadium is right for our needs.

'There is still a lot of work to do, and a number of obstacles to overcome yet. It will take time but I hope all of the fans are excited by what they can see.

'We have worked closely with the local residents so far and that will continue. We are sure that everyone will benefit from the building of a brand new stadium.'

And he added: 'We have no intention of selling our name. The stadium will still be in Anfield, so that is what it will be called.'

It is believed that, if the relocation plan goes ahead, the site of the current Anfield will become public space to compensate for that taken up in Stanley Park.

Parry added: 'Moving from Anfield is not a decision that has been taken lightly.

'We have had to look at what is in the best interests of the club in the future. We have also been guided by what is best for the regeneration of the area. We must keep up with the game's other leading clubs.'