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Windsor Park could be turned into a 22,000 capacity ground that could see it hold onto international football.
Linfield are looking into plans that would enable the stadium to be developed and fix any health and safety issues that are currently outstanding.
Major government funding could be needed for the stadium redevelopment which would be crucial to securing a home stadium for Northern Irish football.
The Irish FA did not want to continue playing at Linfield's ground and favoured a move to the Maze Stadium, despite being contracted to play fixtures at the ground.
But the plans for Maze are expected to be scrapped meaning Linfield's redevelopment could be the best option.
Jim Kerr, chairman of the club, told the BBC that the project "should be seriously considered".
The development would see the building of new Railway and South Stands as well as a new roof for the North Stand.
According to reports from the Belfast Telegraph, Windsor Park is the preferred option for most Northern Ireland fans who protested against plans to build the Maze Stadium.
They said the ground has a fantastic atmosphere at international matches and a 35,000 seat ground would never be filled.
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21 October 2010
21 October 2010
21 October 2010
20 October 2010
20 October 2010