The plans for a 60,000-capacity ground based on Stanley Park in the city were unanimously approved by Liverpool City Council.
The new stadium will hold 15,000 more supporters than the clubs existing Anfield ground, with the potential for the capacity to reach 76,000 in the future.
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The turf will be sunk 26ft into the ground allowing room for more supporters to be accommodated around the pitch.
Liverpool won permission for a new 60,000-seat stadium in March 2006. However, new American owners Tom Hicks and George Gillet were not satisfied with the original plans and decided to start again.
According to the club, work will begin immediately, with the stadium scheduled to be ready by August 2011
Anfield is due to be redeveloped as a car park, sports centre and hotel.
(NS/JM)
