Cambridge United and neighbours Cambridge City have opened talks which could lead to a groundshare or even a merger between the two clubs.
Conference National side United say that "initial and wide-ranging talks" have been held with City, who play in Conference South.
"No decisions have been made at the moment," said U's director Nick Pomery.
"But one of the many things discussed was the potential and implication of bringing the two clubs together."
Pomery added on his club's website: "We hope to meet again in the near future and all options will be there to be discussed, from co-operation on youth policy and ground-sharing right through to a single club.
"We also need to make it absolutely clear that, in our view, fans are the backbone of any club.
"And whatever proposal we may put forward as directors - groundshare, mutual cooperation on youth, or whatever - will not happen if the supporters of both clubs cannot clearly see that it brings benefits that far outweigh any concerns.
"We want to do the right thing for football in Cambridge and for the supporters and sponsors of both clubs, and we clearly need to be sensitive to the proud histories of both clubs and their supporters."
Cambridge United lost their Football League status last season, and have been troubled by financial problems in recent times.
They are currently trying to secure a deal to buy back their Abbey Stadium ground, and last week withdrew their Under-18 side from the Football League Youth Alliance.