Chelsea Football Club have announced they have submitted an offer to buy the 39-acre Battersea Power Station Site.
The Blues are looking to relocate from Stamford Bridge in west London in order to build a 60,000-seater stadium.
A statement on the club's official website said:"Battersea Power Station is one of London's most famous buildings and has the potential to become one of the most iconic football stadiums in the world.
"Our joint bid was submitted in accordance with the sales process established by the Joint Administrators for the site. The process could run for a number of months.
The statement revealed the west London side was not the only interested bidder in the Wandsworth site, and spoke of "many significant hurdles" that needed to be negotiated in the process.
"We appreciate that we have many significant hurdles to address if we are to build a new stadium on the site, including winning the support of our fans, the CPO shareholders and local Wandsworth residents, as well as securing the approval of Wandsworth Council, the Greater London Authority and heritage authorities," the statement read.
Rafael Viñoly, the architect who worked on the most recent failed redesign for Battersea Power Station, was hired as the creative brain behind developer Mike Hussey's proposal to build a stadium for the club in December.
The site was valued at £500m in October when put up for sale by administrators Ernst & Young.
Chelsea's billionaire owner Roman Abramovich has long been rumoured to be keen to relocate the club to the south-west London base.
A mooted scheme first arose when Abramovich bought the Premier League club in 2003, but in November it materialised the club were to re-examine it as an option over eight years later.
Only a week ago, directors of the Chelsea Pitch Owners reaffirmed their wish for the club to stay at Stamford Bridge.
Chairman Steve Frankham said: "The club has put an immense amount of time and money into exploring how to expand Stamford Bridge and believes there are serious planning difficulties and, in any event, it is not financially viable.
"It is the CPO board's intention to continue dialogue with both parties in the hope of producing more clarity on these crucial issues."
Battersea Power Station has become a popular location for filmmakers over the years. The iconic building has featured in films such as The Dark Knight, Children of Men, The King's Speech and The Imaginarium of Dr Parnassus.