An independent study commissioned by the Canaries and performed by the University of East Anglia confirmed that an expansion of 7,000 seats on top of the current 27,200 capacity would be a viable target.
However, chief executive David McNally has revealed that such a redevelopment would cost £20 million, and has underlined his preference for investing in the club's first team in the immediate future.
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In a webchat with fans on the club's website, McNally said: "We are convinced that an expansion of Carrow Road is something that the club should contemplate.
"This independent research project is really important as it deals with facts, such as population growth, and real numbers, such as socio-economic data, and not instinct or intuition.
"However, circa 7,000 additional seats could cost approximately £20m. Currently, every spare penny is reinvested in the first team squad and this is something that board wishes to continue in the short term.
"Once we have become an established Premier League side then we may consider it viable to invest in the development of Carrow Road.
"In the meantime, we will look at a number of alternative schemes in order to ensure that we are properly prepared for expansion as and when it happens."