Liverpool Football Club will be staying at Anfield after the club decided to scrap plans for a new stadium in Stanley Park reports the Liverpool Echo.

While there has been no official confirmation from the club, an announcement about plans to redevelop Anfield will be revealed on Monday as part of a housing regeneration scheme in the area.

Reds owner John Henry has always had the intention for the club to remain at Anfield, rather than relocating to a new purpose built ground on Stanley Park and the club have now looked into adding an extra tier while also including extra corporate facilities in the existing ground.

It was thought that Liverpool had to leave Anfield if they were to stand any hope of generating the commercial revenues required to compete at the top of the Premier League with the likes of Manchester United, Manchester City and Chelsea.

However Henry has dispelled this ‘myth’ telling BBC Sport that:"A belief has grown that Liverpool FC must have a new stadium to compete with [Manchester] United, Arsenal and others."

"While a new stadium or an expansion of Anfield is beneficial over the long term for the club, the financial impact of adding seats and amenities should be put into perspective.

"That's why I say that it is a myth that stadium issues are going to magically transform LFC's fortunes.

"Building new or refurbishing Anfield is going to lead to an increase from £40m of match-day revenue to perhaps £60-70m if you don't factor in debt service.

"Our future is based not on a stadium issue, but on building a strong football club that can compete with anyone in Europe. This will be principally driven financially by our commercial strengths globally."