The Ladbrokes Premiership side have playing at the 11,500-seater stadium since 1899, but John Nelms and the Dundee board feel the ground is in major need of renovation.
Rather than tear down and rebuild on the current land, the club have been exploring other options around the city.
Nelms, along with business partner Tim Keyes, recently purchased land in the Camperdown area, which sits three-and-a-half miles away from Dens.
An application will be submitted to the council “shortly”.
Nelms told DeeTV: “We’re quite excited by it, it’s early doors. We’ve got a lot of hoops to jump through and a lot of politics to get through. But I can tell you we’ve been working on this for the last year, even before we purchased the property.
“We have been trying to future-proof as much as possible any facility we put on that site and work 24 hours a day, seven days a week and be a jewel for the City of Discovery and Dundee.
“Moving forward, we think we’re going to have exciting times ahead where we’re potentially playing games overseas, we’re playing games potentially in a new facility, training in potentially a new facility.”