Liverpool have announced plans to expand the Anfield capacity by 7,000 seats to 61,000.
At present, Anfield is the sixth-biggest stadium in the Premier League, but this increase would see it rise to No. 3 ahead of Arsenal's Emirates Stadium.
"For any expansion to the Anfield Road Stand to go ahead we need certainty on three key areas," Liverpool's chief operating officer Andy Hughes said on the club's website.
"Firstly, that we are able to reach agreement with local residents, businesses and community groups that they will allow the expansion plan to take place, which will mean closing a short section of Anfield Road between 96 Avenue and Skerries Road.
"Secondly, that we have the right sustainable financial and economic model in place to deliver a long-term sustainable Anfield. And lastly, that we are able to successfully navigate the complex planning landscape. We need to be satisfied on all three points for work to proceed.
"We are working towards creating an expanded Anfield Road Stand which will see around 7,000 additional seats. The majority of these seats will be for general admission use and we expect some seats will be allocated for a sports bar/lounge-type hospitality in order to ensure the economic viability of the expansion.
"Further profiling is needed and we expect to provide more detail at the second-stage consultation early next year.
"These first-stage consultation sessions we are holding are crucial as they will be used to inform the design proposals we are developing, which in turn will help us to make a decision on whether to proceed with the expansion as a whole."
Liverpool are the Champions League holders and sit top of the Premier League table as they chase their first top flight title since 1990.