Exeter City have agreed to a feasibility study which will explore the possibility of moving from their St James Park home to a new ground.
Exeter City Council is preparing a new local plan to guide development of the city over the next 20 years.
The boards of the club and supporters' trust which owns a majority share in the Grecians have agreed to participate in the consultation process.
A club spokesman stressed that "this is not in any way a pre-cursor to a move".
In a statement the spokesman, speaking on behalf of both boards, said: "In the interest of total transparency both club and trust boards wish to inform our fans that we have jointly agreed to conduct a feasibility study around the benefits and disadvantages of moving to another ground.
"We are aware of opportunities that might arise through the emerging Exeter City Council Local Plan and wish to ensure that, should it be desirable, we place ourselves in an advantageous and informed position.
"The supporter survey, conducted in 2018, informed us that moving to a new stadium is an option the majority of trust members and non-members would only consider as a last resort and we fully intend to honour that view.
"However, it is important to understand exactly what ground relocation would entail, in terms of cost, general benefit, but also how it protects the sustainability of our ethos and ownership model, which has kept us in such good shape these past 17 years."
The spokesman added that a new 25-year lease on St James Park has just been agreed and an application for the ground to become an 'asset of community value' has been submitted to Exeter City Council.