Real estate firm CBRE say they have been appointed by the Sky Blues to look for potential sites.
The club's current owners Sisu claim to have left the Ricoh Arena and want to build a new stadium over the next three years.
"The firm has been working on finding a site for a new stadium within the Coventry area and is close to agreeing a land deal. This will secure the future of the Club going forward, providing first class new facilities for the team, fans and the local community.
Proposals will go before the Football League in June."
The sale of Coventry City has been completed, but the Football League still needs to decide on its future
Members of the Sky Blues Trust, a supporters' group, have given a letter to the club's administrator.
Sources at Coventry City say the club is in ‘advanced talks’ with Walsall over plans to temporarily play at Bank's Stadium.