The Reds revealed their plans to extend their stadium's capacity to 58,800 for consultation from fans and locals, with completion by the start of 2016-17 a plausible target.
With an official planning application intended to be submitted in the summer, the Reds are seeking consultation from fans, residents and local businesses on the proposed work.
The plans would see the stadium's Main Stand have 8,500 seats added and redeveloped to open into a large concourse, better accessible to the ground's surroundings. The Hillsborough Memorial would also be moved to a dedicated cloister in the stand.
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"In order to move forward with our expansion plans we need to have certainty that we can navigate the complex planning process and secure the support of the community, local homeowners, businesses and other key stakeholders. This consultation exercise is an important part of this process," the statement continued. "We started this journey just over 18 months ago and a lot of work has already been done.
"There is still an incredible amount to do but good progress has been made so far and we are proud to be able to unveil our plans."
In conjunction with the City Council, Liverpool is still negotiating to buy up the last of the vacant housing around the stadium to go ahead with the redevelopment, but the club says it is optimistic of finally securing agreements to that effect.
If the application for planning permission is submitted on schedule and granted, the Reds hope to begin work in early 2015, with completion in time for the 2016-17 season a possibility.