The club halted the construction of the "Nuevo Mestalla" in February 2009, two years after it began, because of financial problems, and subsequent efforts to reignite the project failed to get off the ground.
"The club will start proceedings with Valencia council for the process of obtaining the licenses required … to complete the works on their new stadium," Valencia said in a statement on Tuesday. "(The) renewed project will be based on optimising the experience for fans."
Valencia, third in the La Liga standings and unbeaten, have started the season in fine form under new coach Marcelino.
(Reporting by Rik Sharma, editing by Ed Osmond)
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