English Premier League football club Everton has agreed a deal to acquire land on which it will build a new state-of-the-art stadium, according to multiple reports.

Everton has reportedly reached an agreement with Peel Holdings, which owns the northern docklands area of Liverpool where the club hopes to build the stadium. An announcement is expected to be made later today (Thursday).

Everton would still require planning permission to build the stadium, but the agreement with Peel represents the first major hurdle in the club’s quest to move from Goodison Park, its home for 125 years.

Peel is currently developing the Bramley Moore dock area of Liverpool as part of the £5.5bn Liverpool Waters initiative. It is hoped the new stadium would be added to the project.

Everton would still require funding for the stadium, which would be worth a reported £300m. Everton’s chief executive Robert Elstone recently said that the club was ‘confident’ it would be able to identify funding solutions for the project.

The Guardian newspaper reports that Liverpool Mayor Joe Anderson, a lifelong Everton fan and a long-time supporter of a new stadium, will confirm details of the deal with Peel following the conclusion of today’s council meeting.