An announcement made today in the British city confirmed the English Premier League side had settled on terms with development firm Peel to buy their preferred site in Bramley Moore Dock, part of a £5 billion ($6.3 billion/€5.8 billion) regeneration scheme.

They have also agreed a financial deal with Liverpool City Council to help finance the build which will see the authority help the club locate the £300 million ($376 million/€348 million) required for construction.

Last month, Liverpool Mayor Joe Anderson said the stadium, which will replace Goodison Park as Everton’s home, could play a part in the Commonwealth Games.

Interest had been made by the city’s leaders towards holding the 2026 Games, but following the Commonwealth Games Federation’s (CGF) decision to strip Durban of the 2022 edition, Liverpool have also put themselves forward as a replacement host.

The next stage of the plans will see a report put forward to the Council’s Cabinet on March 31 recommending they create a special purpose vehicle company which will take a lease of the stadium so they can then sub-lease it to Everton.

"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," said Anderson.

"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."

Anderson added: "If things progress as we all hope, it marks the beginnings of a new and exciting chapter.

"The proposed new stadium will be a landmark for the city’s spectacular north Liverpool waterfront and a powerful statement of intent for the club and the city of Liverpool that will resonate globally."

The CGF officially took the 2022 hosting rights away from Durban in South Africa on March 13, the same day the Queen’s Baton Relay for Gold Coast 2018 started.

Problems around the funding of the event was the main reason for the move, with CGF bosses not getting assurances from South African President Jacob Zuma that the Government would help financially.

Alongside Liverpool, several cities have said they would be happy to host the 2022 Games.

Sydney, Melbourne, Adelaide and Perth in Australia have either expressed an interest or have said they will be investigating whether they can step in as hosts.

British cities London, Manchester and Birmingham have also put their names in the hat along with Edmonton in Canada, New Delhi in India and Malaysian capital Kuala Lumpur, hosts of the 1998 Games.