Both Peel Holdings and Everton have agreed Heads of Terms for the club to acquire the Bramley Moore Dock site, which forms part of the £5 billion Liverpool Waters scheme.
A report will now be presented to Liverpool City Council next week recommending Councillors progress Heads of Terms to create a new Special Purpose Vehicle (SPV) company, which will take a lease of the stadium from a funder and, in turn, sub-lease it to the Club.
Under the proposed finance structure, the local authority will not provide finance for the new stadium and full funding will be delivered by the Club.
Liverpool Mayor Joe Anderson said the proposed new stadium would be a landmark in the north Liverpool waterfront area.
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"I'm delighted that we have got to a stage where the city and Everton can publicly share the vision for the Club's potential new home at Bramley Moore Dock," he said.
"I understand that creating this financial arrangement is a small step in a long journey for the Club, but it is the first step and for that reason it is a special moment in the city's - and Everton's - long illustrious history. If things progress as we all hope, it marks the beginnings of a new and exciting chapter."
Robert Elstone, Everton's Chief Executive, said: "We are delighted that we have been able to agree Heads of Terms with Peel, giving us control of the Bramley Moore Dock site and allowing us the time we need to complete the substantial further work required to be able to confirm the project's viability.
"We can now move forward into the next phase of work with much greater confidence. Clearly, it is vital we have clarity on cost and we have to recognise that the stadium will be significantly more expensive at Bramley Moore Dock. To get that certainty, and ensure the stadium is affordable, we need to confirm stadium design, capacity and configuration. And to do that, we need to talk to fans, partners and all stakeholders in the project. We're committing to that consultation. We're also committed to keep fans fully informed as the project develops and as other milestones are reached."
Mr Elstone added securing successful planning approval at some point early next year "will be the most significant step towards bringing the stadium to life".
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