Original plans to replace Anfield were initiated by Liverpool FC in May 2002. At that time the proposed capacity was 55,000, but it was later revised to 61,000, with 1,000 seats given for segregation. Several attempts were made by the Liverpool City Council to instigate a groundshare of the proposed stadium with local rivals Everton from 2003 to 2007, but this move was rejected as neither club favoured it.

Liverpool were granted planning permission on 30 July 2004, to build a new stadium, just 300 yards (270 m) away from Anfield at Stanley Park, and on September 8 2006, Liverpool City Council agreed to grant Liverpool F.C. a 999-year lease of the land on the proposed site. Following the takeover of Liverpool F.C. on February 6 2007, by George Gillett and Tom Hicks, the proposed stadium was redesigned to reduce the costs of construction. In November 2007, the redesigned layout was approved by the council and construction was due to start in early 2008. The new stadium, provisionally called Stanley Park Stadium, is being built by HKS Inc. and is scheduled to open in August 2011 with a capacity of 71,000. Once the new stadium is built Anfield will be demolished and become the centrepiece for the Anfield Plaza development, which will include a hotel, restaurants, and offices.

However, the construction of Stanley Park, as of 2008, has been delayed following the slowing of the American economy, directly affecting American-owned Liverpool. This has been worsened because the club was bought with loaned money, not the owners' own capital, and interest rates are higher than previously expected. Hicks and Gillett made promises to begin work on the stadium after the acquisition of the club but have had trouble financing the estimated £300 million needed for the Stanley Park development. The deadline to begin work within 60 days of the takeover has passed and as of May 2008 the site remains untouched. The delays have had repercussions in the local area of Anfield, with regeneration plans on hold till the future of Anfield is decided. Debt incurred by the club's takeover also exacerbates the matter as it reduced the owners' and the club's spending power. This fact has also revived interest in a takeover bid by Dubai International Capital, a move which also could delay movement to the new stadium.