Arsenal shareholder Stan Kroenke is set to invest in a major new development which could see an NFL (National Football League) franchise return to Los Angeles, according to the LA Times.
Los Angeles is the United States's second city but does not currently have an NFL team.
Kroenke owns the Rams NFL, who are currently based in St Louis but were located in Los Angeles until 1994.
The American plans to build an 80,000-seater stadium in the Inglewood suburb.
He is the majority shareholder of Arsenal, owning 66.94% of the club.
Inglewood Mayor James Butts said: "This proposal doesn't ask for nor will ever be offered any public funds, so what you have here is a developer, Stan Kroenke, who has invested in Inglewood and we are glad to have him here."
Kroenke has partnered with real estate firm in Stockbridge Capital Group, which owns the 238-acre Hollywood Park site in Inglewood.
"This is a perfect location for a venue like this," said Christopher Meany, a senior executive for the joint venture, Hollywood Park Land Co. "I don't know of a place that compares to this."
However he added that any decision on relocating a franchise was "entirely in the hands of the NFL".
Missouri Governor Jay Nixon said in a statement: "St. Louis is an NFL city and I am committed to keeping it that way."