Birmingham City are planning a new stadium to be complete by 2014.
Blues, who are working in conjunction with Birmingham City Council, have appointed a master planner to assess the potential site at Saltley, which is near their current headquarters at St Andrews.
Birmingham had previously looked set to build a new stadium in the same area in partnership with US casino company Las Vegas Sands, but the council rejected the idea and opted for a rival project based at the National Exhibition Centre.
City managing director Karren Brady said: "Talks continue with the city council regarding a new stadium.
"We are in the process of appointing a master planner and someone to look at the land to see if a stadium can become a reality.
"But we have to have auxiliaries in place as we do not want to bankrupt this club by building a stadium."