Queens Park Rangers chairman Tony Fernandes has announced plans to leave Loftus Road and move into a new 40,000-seat stadium less than a mile away.
Fernandes said the move -- which has been under discussion for more than a year -- would help establish the club, currently in the Championship, as a Premier League force.
The Times reported that Rangers have made an offer for land in the Old Oak Common area, where the new ground would be part of a wider 10 billion pound regeneration scheme.
The paper said they have tabled a 21 million pound offer for land, and are prepared to spend a further 15 million pounds on obtaining planning permission.
The wider development is expected to see up to 24,000 new homes built, along with hotel, office and restaurant developments.
"This isn't just building a stadium but virtually a whole new community," Fernandes told The Times. "The football club gives us the anchor, the huge number of eyeballs which come with the attention of being in the Premier League. It is a huge project and the stadium gives it focus and impetus.
"I feel we can sell 40,000 seats because we are building new homes next door. I'm a big believer in flexible pricing and it's one of my dreams with a better stadium, and London's corporate hospitality, to reduce the cost of some seats."
He told the club's official website that QPR's historic Loftus Road home "always will be a special place for the club and our supporters, but we need more than an 18,000 capacity."
And he added: "With no option of expanding here, we have to look elsewhere and we welcome the Mayor’s and Hammersmith & Fulham Council's commitment to regenerate the area, which includes an option to develop a new stadium at Old Oak as a key catalyst to bring forward redevelopment, cementing our future in this part of West London.
"Not only will this [move] give us a top-quality stadium to cater for QPR's needs as the club progresses and grows over the years ahead, but we are very excited about being the driving force behind creating one of the best new urban places in the world."
Shareholders in the club, including billionaire Lakshmi Mittal, are hoping to attract overseas investors, while the project is also reliant on the construction of a new Old Oak Common rail hub, which would act as London's main station for the new HS2 rail project.