The club expect to submit plans by the end of 2019 and hope to begin a three-year building project as soon as 2020.

Designs for the £500m stadium were drawn up by world-renowned architect Dan Meis. The design include a subtle nod to Goodison Park’s famous Archibald Leitch lattice work as well as a brick supporting structure reflecting the dock’s old brick warehouses.

The ground will be built at the Bramley-Moore Dock site on the wider Liverpool Waters development.

It will be made up of four distinctive stands including a large steep home stand to the south that will house 13,000 Evertonians on matchdays.

Stadium design retains the intimacy of Goodison Park

Research carried out by international property consultancy CBRE indicates the proposals would deliver a £1bn boost to the city’s economy.

The Club’s current home at Goodison Park will be redeveloped as part of the ambitious relocation plan.

This will involve a range of community assets such as homes, health, education and enterprise amenities as well as the introduction of public space which will include a lasting tribute to the Club’s current home of 127 years.

Goodison Park redevelopment plan includes housing

Professor Denise Barrett-Baxendale, Everton’s Chief Executive Officer, said: “Today marks an incredibly important milestone for us as we seek to build a new stadium which will act as a ‘game changer’ for the Club and our city region.

“Our proposed stadium design takes its inspiration from both our city’s maritime history and from our Club’s rich heritage and traditions.

“Our plans for Goodison Park, although much more outlined at this stage, fulfil our promise to our neighbours in Liverpool 4 to work together to create something that will benefit the community for generations to come.

“There is still much work to be done to deliver both the stadium and the community-led legacy in Liverpool 4 but we remain on track to deliver these amazing transformational projects.