"We looked at 18 sites across Liverpool, Sefton and Knowsley to build a new stadium and all were rejected because they were unsuitable or there were difficulties with the current land-owner," said the club's planning consultant, Samantha Ryan.
"This led us full circle back to Anfield, the club's spiritual home. The club is committed to this part of the city and believes its expansion will be the catalyst for regeneration and the creation of jobs and prosperity."
The development will generate 1,500 construction jobs and 1,000 permanent retail and office jobs in the area.
If approved, construction would commence as early as next August, with the stadium open by 2006.