Redevelopment of the Main Stand would add an extra 8,500 seats and the Anfield Road Stand 4,800 bringing total capacity up to 58,800.
The club is now consulting with local residents and fans with a planning application set to be submitted to to Liverpool City Council during the summer.
If consent is granted, construction work on the proposed Main Stand could begin early next year and it could be complete in time for the 2016-17 season.
The stadium is part of £260m plans to transform the Anfield area by the club working with the council and Your Housing Group.
Ian Ayre, Liverpool FC managing director, said: “As part of our proposed stadium redevelopment project, we have unveiled the detail of our ambitious plans for an expanded Main Stand and Anfield Road stand and are embarking on a consultation process which will shape and inform our planning application.
“In order to move forward with our expansion plans we need to have certainty that we can navigate the complex planning process and secure the support of the community, local home owners, businesses and other key stakeholders. This consultation exercise is an important part of this process.
“We started this journey just over 18 months ago and a lot of work has already been done, there is still an incredible amount to do, but good progress has been made so far and we are proud to be able to unveil our plans.”
Mayor of Liverpool, Joe Anderson, said: “This is another important step in our ambitions to transform the Anfield area, bringing new jobs, investment and housing.
“The overall regeneration of Anfield will see £260m invested in the local community and will deliver hundreds of jobs – Liverpool Football Club’s proposals for the stadium are a key part of this.
“We are all committed to delivering a brighter future for Anfield and the club’s exhibition is a clear signal that real progress is being made with all our plans.”
Brian Cronin, chief executive of Your Housing Group, said: “This is another significant step in the process for the Anfield Project and we welcome the headway which is being made by all parts of the partnership.
“Once again, the local community are being given the opportunity to see the proposals before the application is made which underlines the ‘community first’ approach we are collectively taking.
“It’s doubtless that many of our residents are very keen to see the plans and see how the new stadium might look and we are committed to making this happen.”
