Newcastle chief operating officer Brad Miller delivered an update on the stadium feasibility study this week to members of the Fan Advisory Board.
As part of a presentation, the club outlined that the study has now entered a crucial second phase, with more detailed analysis currently taking place to investigate project-related risks and opportunities before a decision stage in early 2025.
It will either end in St James’ Park being re-developed or a new stadium being built elsewhere.
Miller said: "This is an exciting but extremely complex project, and I'd like to thank supporters for their patience as we conduct this key phase of the feasibility process. We aren't quite at a decision-making stage yet, but we are targeting the early part of 2025 to complete the next essential tasks.
"We know what a transformed St. James' Park would give us and we now have a significant amount of data and feedback on our stadium footprint and surrounding area, so we are several steps forward.
"But it is also clear that this option has several risks associated with it, so we need to fully analyse those risks against the opportunities to reach truly informed and intelligent outcomes.
"We are challenging our appointed design team, and ourselves, to make sure our eventual chosen route delivers a fantastic fan experience - one that represents the fans, city, region and club, and aligns with the long-term ambitions of our ownership group.
"But it must provide an investable return, and not least deliver strong revenue growth to increase our PSR headroom, which, as everyone knows, means we can invest more in football.
"Part of the process is also to understand alternative options so that we see the bigger picture and, again, find the right balance between risk and opportunity. This is a once-in-a-generation investment, so we don't want to look back in years to come, as a club or as a city, and regret an opportunity missed.
"Our objective is to select a scheme that is deliverable, affordable, and sustainable, so we are investing this time to make sure we are only going to spend money on the project where it will make the biggest difference - to fan experience, revenue, competitiveness, investment in football and operational efficiency.
"All this requires a robust process that leaves no stone unturned.”
Earlier this year, stadium concept designer and 3D animator Damián Bosio proposed three stadium expansion suggestions via his YouTube channel, Bondibot.
Option A involved expanding the Gallowgate End and Gallowgate West Corner to the same level as the Milburn and Leazes Stands.
From an untrained eye, that would likely be the most feasible option after the Magpies re-purchased Strawberry Place from developers last year.
Option B looks at raising the St James’ Park pitch and moving it north west to allow more space to expand the East Stand and Gallowgate Stand so they are similar height to the Milburn and Leazes Stand.
However, the design isn’t viewed as realistic currently due to the properties on Leazes Terrace and the ‘right to light’ easement. That said, advances in technology could allow light to pass through an expanded East Stand.
Option C shows a new stadium being built next to the current site on Leazes Park.
That would, however, almost certainly face a series of complaints from those who want to protect the city’s green spaces.

1. Expanding the Gallowgate Stand
This would involve building over the road and into Strawberry Place. | Bondibot

2. Removing the roof
The concept design involves removing the Gallowgate Stand roof and starting the expansion across the road to allow traffic to continue passing through. | Bondibot

3. One stand expansion
The East Stand, listed buildings and Leazes Conservation area would remain undisturbed by this expansion. | Bondibot

4. A significant expansion
The Gallowgate expansion concept would raise the stand to the same level as the Milburn and Leazes stands. | Bondibot