The club has been at Goodison Park since 1892

Shareholders were told of plans to move from Goodison Park to a purpose-built stadium in Kirkby at the club's AGM.

Chairman Bill Kenwright said: "I do not want to be the guy who moves Everton away from Goodison Park, but it is not a financial option to remain here."

But despite the warning, he said the plans could not go ahead without the backing of the majority of fans.

Mr Kenwright said he had been told by Liverpool City Council that it was "absolutely impossible" to extend the footprint of the club in the city.

Mr Kenwright said the fans will be consulted on the plans

Knowsley Council is backing the plans and in a statement said the site would regenerate Kirkby.

"As a board, we have to make decisions and when we have made a decision we will go to the supporters," Mr Kenwright said.

"There's no point in saying: 'Hey listen, 40,000 Evertonians you're going to have a say but if more of you say 'no we're not going anywhere' we're going to go anyway'.

"I would just have to go myself - that's all I could do."

Everton, Tesco - who would have a superstore on the site - and Knowsley Council have said they want to involve the local community in their plans.

We are investigating the possibility of a major regeneration initiative in Kirkby, one which might provide us with a new home Chief executive Keith Wyness

Sir Terry Leahy, the chief executive of Tesco, was raised in Liverpool and is a passionate Evertonian.

The club's chief executive Keith Wyness told the AGM: "A formal announcement is going to be made on Tuesday.

"This will confirm that, in conjunction with Knowsley Borough Council and Tesco, we are investigating the possibility of a major regeneration initiative in Kirkby, one which might provide us with a new home.

"I must stress that this does not, in any way, constitute a final decision on the location of any new stadium for the club.

"I felt it was important that you - the club's shareholders - were the first people to hear this news."

Waterfront stadium

Knowsley Council said: "All three parties will now look exclusively into the potential opportunities and the viability of such a development in the area.

"Everton FC have given their full commitment to investigating the feasibility of Kirkby becoming the home of their new stadium and will not explore any other possible sites at this time.

"The three parties will produce a joint business plan that considers all potential elements of the proposed development."