Aberdeen FC has appointed commercial real estate specialists CBRE to sell Pittodrie Stadium.
The Dons are inviting offers for the 13.7 acre site - comprising the stadium and two car parks - as the club intends to move to a new purpose built home at Loirston Loch.
A masterplan to build 350 homes at Pittodrie was given planning permission in principle earlier this year.
Derren McRae, associate director of CBREs Aberdeen office, said: "We are delighted to have been instructed by Aberdeen Football Club to sell the Pittodrie Stadium site.
"This is the next stage in the relocation to the eagerly anticipated new arena at Loirston Loch.
"This excellent residential development site is extremely well located, situated close to the University of Aberdeen, the city centre together with the retail and leisure amenities at the beach.
"Aberdeen continues to benefit from a buoyant local economy, and we are witnessing a strong level of demand across all sectors of the property market.
Given the sites prime location in the city we anticipate keen developer interest from both a local and national level."
The club hopes to be operating from Loirston Loch by the start of the 2013/14 season but needs to raise £38 million to fund the new arena.
Duncan Fraser, Aberdeen FC chief executive, said: "While the sale of Pittodrie is the key element of our funding model for the new stadium at Loirston Loch, progress has also been made regarding the securing of naming rights.
"The other elements are the raising of fresh equity and, on the back of that, securing a mortgage.
"To that end, the major shareholders remain totally committed to contributing additional equity and while we will require further equity, we would hope that the sale value of Pittodrie together with the naming rights and a secured mortgage will mean that we will be more than 80 per cent there in terms of raising the £38m required for our new home."
Fraser and other members of the Aberdeen FC board will assess recommendations from CBRE to ensure the club gets "maximum value" for Pittodrie.