Bristol Rugby chief executive Steve Gorvett says the club would be more than happy to move to Bristol Rovers' proposed new 20,000-seater stadium.
Rovers announced on Thursday plans to build a new ground on the site of the University of the West of England.
"I think we're very excited about having a new stadium to play in," Gorvett told BBC Points West.
"We see it as very important to our plans for Bristol Rugby and this looks like a very good opportunity."
Bristol have been at the Memorial Stadium since 1921 when the mayor had the ground built for them.
They remained owners until 1998 when the finanical impact of relegation from the Premiership forced them to sell it to Rovers.
Roles were then reversed and Rovers became the landlords having been tenants for the previous two years.
"I'm sure some of our supporters will be disappointed that we'll be leaving the Memorial Stadium," said Gorvett.
"But things do move on and we are only tenants there so we don't have a lot of choice in it.
"Obviously we'd prefer that it was our ground but history dictates that it isn't."
Bristol have been playing Championship rugby for the past two seasons having narrowly missed out on promotion back to the top flight last year.
"Our plans and ambitions are very clear and we want to get back into the Premiership," added Gorvett.
"When we're there we need a new stadium and new facilities and need more capacity.
"It makes no sense whatever for us to build our own ground because we play 16 home games a season and you cannot justify the cost of a new ground based on that."