The derelict power station on the south bank of the Thames, a familiar site with its four white chimney stacks, "has the potential to become one of the most iconic football stadiums in the world," Chelsea said.
Champions League finalists Chelsea would like a larger stadium to allow them to compete with rivals at home and abroad. Stamford Bridge, their home since 1905, has a capacity of just under 42,000 - modest by comparison with other top clubs.
"We have many significant hurdles to address if we are to build a new stadium on the site, including winning the support of our fans, the CPO shareholders and local Wandsworth residents, as well as securing the approval of Wandsworth Council, the Greater London Authority and heritage authorities," Chelsea said in a statement.
However, Chelsea set out ambitious plans for a new ground that would incorporate the power station's key features.
The power station, which featured on the cover of Pink Floyd's 1977 album Animals, has been disused for three decades and a series of regeneration projects have come to grief.
It is currently in the hands of administrators Ernst & Young who are trying to recover debt on behalf of Lloyds Banking Group and Ireland's National Asset Management Agency.
Abramovich, who made his fortune in post-Soviet Russia in the 1990s, has transformed Chelsea since buying the club in 2003, helping them to win the Premier League three times.
