Everton hope their new home at Bramley Moore Dock will be completed in time for the start of the 2022-23 season and prove to be a "fortress".
The club's chief executive Robert Elstone revealed to Everton's Annual General Meeting on Tuesday his vision that the financing and planning process for the stadium will be completed within a year and building work will take three years after that.
That marks a one-year delay on previous reports that they could be in their new home in the summer of 2021.
Everton agreed a deal to buy the site for their new home in March 2017 and Liverpool's Mayor Joe Anderson confirmed to the AGM that negotiations over finance have now concluded.
That deal, once it has been through due diligence and been fully approved, will see Liverpool City Council provide two-thirds of the funding for the new stadium.
Anderson said: "It isn't a good deal for Liverpool City Council, it's a fantastic deal for Liverpool City Council."
Elstone hopes the new stadium will quickly be adopted by Everton fans, who have only known Goodison Park - opened in 1892 and celebrating a 125th anniversary this season - as their club's home.
He said: "The plan is to kick off at the new stadium in 2022. I want the stadium to be a fortress. I want to make it a home that is loved and adopted quickly. It needs to reflect the values of the people's club, with the club committed to affordable pricing.
"We will not be leaving Liverpool 4. It has to be the right deal for the city and acts as a springboard for the regeneration of Liverpool.
"Much work, time and resource has gone into advancing the stadium project over the past 12 months. But, there is much still to do.
"And if there was one enduring message to take away from tonight it is that whilst we are fully committed, and optimistic, there are still hurdles for us to overcome. Not least, securing all the money needed for what will be a huge financial commitment with very long-term consequences."
His optimism was matched by Everton's major shareholder Farhad Moshiri, who said: "We have to have a stadium and we will have a stadium. When the building work starts, that's when the proof is in the pudding.
"So we want to get to that stage, but until we get there it is only at the preparation stage. We are progressing well. We have secured the land which is the most essential thing.
"We picked the land that we thought the fans would prefer, an iconic site. That is something that Everton needs. We need to have a better stadium and that's what we have to do.
"I think we have taken all the steps to make sure we are efficient. We make mistakes, everyone does, and we must learn from our mistakes and avoid them. But no single setback will derail us. We are on the road and we will get there."