Tottenham have confirmed their intention to build a new 60,000-capacity stadium near their current White Hart Lane ground.
The development will include leisure facilities, public space and housing.
"The scheme includes the current site and adjoining land, with the stadium sited to the north of the existing one," said Spurs chairman Daniel Levy.
Levy said that the stadium will not be called White Hart Lane and will instead be named after a sponsor.
He added: "It will be an iconic stadium and will be at least as good as Arsenal's Emirates."
"We will need a naming rights partner, that is fundamental for any new stadium built in Europe," he confirmed.
"This club has spent an awful lot of money and in January there is not very much available"
Levy also said that new manager Harry Redknapp will not have that much money to spend in the January transfer window.
"I think there will be very limited changes in January," said Levy.
"We have clearly got the ability to score and the talent is there in the rest of the squad.
"This club has spent an awful lot of money and in January there is not very much available."
The chairman also revealed that for the year ending 30 June turnover was up 11% and the building of a new training centre is expected to start next year.
Revenue was up from £103m to £114.8m with net debt of £14.6m though that figure includes property acquisitions.
The Tottenham board pushed ahead with proposals for a larger stadium with a season ticket waiting list of about 22,000 but were conscious of the importance of remaining in the Haringey area.
Other sites were considered but ultimately it was decided their current location, plus land adjacent to it, was the most suitable option.
"With a waiting list for season tickets of over 22,000 and club membership levels of over 70,000, our need for an increased capacity stadium has been clear for all to see for some time," said Levy.
"Having reviewed our stadium options it was clear that there were a limited number of alternative sites to our current location.
"Spurs have played an integral role in giving a sense of identity to the area it calls home - Tottenham would not be Tottenham without its football club"
"We have spent five years buying and taking options over property around the current stadium site to enable us to either develop locally or to gain the critical mass to achieve a substantial site sale as a contribution to a relocation.
"To date this includes almost 60 separate property transactions, including 40 residential and potentially 160 commercial properties at a commitment of £44m.
"The public consultation period will now begin and we would hope to submit a planning application in 2009.
"I am personally delighted that we have been able to put forward a viable option which we know to be the fans' favourite - remaining at the club's spiritual home."
George Meehan, leader of Haringey Council, added: "We have always regarded Spurs as one of Haringey's prime assets. They bring major economic benefits to our borough and carry out some excellent community work through the Tottenham Hotspur Foundation.
606: DEBATE
"We have been working extremely hard to regenerate the Tottenham area, which suffered so much from industrial decline.
Real progress is being made, and it is extremely pleasing that Spurs has demonstrated that they share our commitment to this continuing regeneration.
"But, as always, we will consider very carefully any plans that are submitted to us, as we strive to ensure that a new stadium delivers real benefits for all who live and work in the area."
Tottenham MP David Lammy supports the club's plan to remain in the borough.
"The club is a fundamental part of the life blood of the community, and its continued presence and vision will inspire new generations of young people well into this century," he said.
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