LONDON, Sept. 16 -- A new stadium for English Premiership side Everton FC is to form the centrepiece of a multi-million pound regeneration program, it was announced Tuesday in Liverpool.

It will mean Everton leaving Goodison Park, the club's home since 1892, making it one of the world's oldest purpose-built football grounds. Its new home will be Walton Hall Park, a 120-acre green lung about 1 km from Goodison.

Rival club Liverpool FC last year abandoned plans to build a new 450 million pounds stadium on another park in the city, Stanley Park.

The scheme was announced jointly by Liverpool City Council and Everton Football Club, describing the project as a transformational regeneration opportunity for the North side of the city.

The scheme at Walton Hall Park follows an exhaustive search for suitable sites within the city for a new home for Everton.

The city council and Everton FC will now work with public, private and voluntary sector partners to explore and ultimately deliver a new, vibrant and sustainable neighborhood for North Liverpool, with Everton's new ground as a centerpiece.

Allied developments alongside a stadium are expected to create at least 1,250 new jobs in the city.

The city council say significant sections of the park will be retained to provide better quality and more varied leisure and recreational facilities.

Mayor of Liverpool, Joe Anderson, whos is also an Everton supporter, said: "Everton's investment into this area would be the catalyst for a development which could make a real difference. This is a starting point for something which could be a real game changer for this part of the city."

Everton expects a planning application to be lodged within a year, but only after an extensive consultation exercise with the local community and Everton fans.

Financing for the scheme will be led by Everton Football Club with support from a number of partners. The Club will also talk to its fan base about the design of the new stadium.