Irish League club Glentoran have confirmed plans to relocate from the Oval to the Titanic Quarter area of Belfast.
The club say they have identified a preferred option for a new 8,000-10,000 seater stadium, with 2016 the projected completion date.
The BBC understands that the former Esso site has been targeted as the future home of the East Belfast club.
The ground may have the potential to host international matches.
The Glens have played at their present Oval ground for more than 100 years but a number of potential other options have been examined in recent years.
Chairman Terence Brannigan said the project was at an "advanced planning" stage.
"We are bidding for a significant sum from the IFA through government and are also putting together partnerships with commercial entities," said Brannigan.
"We are looking to build a flexible stadium where football is the primary purpose, but where events other than football matches can be held.
"We would like to put in a hotel and other community, sports and leisure facilities.
"We have also informed the IFA that we would like to have a centre of excellence on the site," added the Glentoran chairman.