Chelsea have failed in their bid to build a new stadium at Battersea Power Station.
The Blues had submitted an application to move to the area in South West London to build a 60,000 seater stadium, incorporating the four chimneys, costing more than £1 billion.
However, a bid by two Malasyian companies – SP Detia and Sime Darby – have been chosen ahead of the Champions League winners in their bid to build on the 39-acre site.
A statement from Ernst & Young read: "Following an extensive global marketing campaign, undertaken by Ernst & Young Real Estate Corporate Finance and Knight Frank LLP, the Joint Administrators are pleased to announce that on Wednesday 6 June 2012 they entered into an exclusivity agreement with SP Setia and Sime Darby and are working towards a timely exchange and completion of the site and associated land."
Chelsea are keen to move from their 42,000 seater home of Stamford Bridge after ruling out the possibility of expanding the current stadium.