Bournemouth are to start looking for a site to build a new stadium away from Dean Court for the start of the 2020/21 season.
Chief executive Neill Blake issued a statement on Friday afternoon confirming the club board had taken the decision following on-going discussions over plans to develop the 11,464-capacity Vitality Stadium with owners Structadene and Bournemouth Borough Council.
The Cherries, who have been established at their current site in Kings Park since 1910, won three promotions in six seasons to rise from League Two into the Premier League for the first time in 2015, with Eddie Howe's side now enjoying their second season in the top flight.
However, the Vitality Stadium holds the smallest capacity of any Premier League club, which must accommodate some 6,827 season ticket holders and is only able to offer a maximum allocation of 1,366 seats for away supporters. Proposals had been submitted up to redevelop the South Stand.
A club statement read: "The shareholders want to create a legacy of AFC Bournemouth becoming an established Premier League club in a stadium which is befitting of our status, and we believe that building a new stadium on a new site will allow us to deliver that.
"It has always been the board of directors' preferred option to buy the stadium back from Structadene and develop a Premier League-standard stadium on the current site at Kings Park.
"However, following discussions over a number of months with both Structadene and Bournemouth Borough Council's planning department, it has become apparent that this will not be possible.
"Firstly, we are not going to develop a stadium we do not own and will not be held to ransom over a price to purchase the existing site.
"And secondly, the council's planning department have made it clear that they would not welcome a significantly bigger stadium in Kings Park, meaning we are severely constricted in what we can achieve on this site with regards to size, capacity and facilities.
"Therefore, we feel we have no other option but to find a new site and are working closely with Bournemouth Borough Council to identify a suitable location.
"We are working tirelessly to identify a site and it is our ambition that a new stadium would be built in time for the start of the 2020/21 season."