Liverpool City Council and the football club have released details of a proposed £260M regeneration of Anfield - the stadium and area.
Up to 300 homes will need to be demolished to make way for a stadium expansion, the introduction of a 'food hub', a 100 bed hotel and a village square.
500 homes will be refurbished and up to 250 new homes will be created in an adjacent housing development.
The project, if approved, could take 5 years to complete.
Liverpool FC's involvement will be to the tune of £150M, with the other £110M hoping to come from the council, government, European Union and various commercial sources.
Liverpool Mayor Joe Anderson said:
“We’ve been thinking that you can’t just have house building and refurbishment just on their own. There can’t be any regeneration without regenerating the wider community.
“That’s why we’ve established this partnership with Your Housing group and the Club, and it was absolutely essential that we did that.
“Despite the government pulling the housing market renewal (HMR) money, we are making progress anyway, with political determination and vision.”
Many local residents say they have been treated badly in the last decade from the club, who have bought adjoining properties which have then been boarded up - blighting other residents who have felt compelled to then sell their homes.
Many homes due to be demolished are currently owned by private landlords who could face compulsory purchase orders on their property.
More information on the project can be found at http://www.anfieldproject.co.uk/