Manager Eddie Howe says it would feel like a "betrayal" if Newcastle were to move away from St James' Park.
Plans for leaving the stadium, which has been home to the club since 1892, were discussed at the Newcastle United Fan Advisory Board (FAB) on Monday.
Chief operating officer Brad Miller said they need to "understand alternative options" as part of the stadium feasibility process.
The study has entered its second phase, with more detailed analysis taking place to investigate project-related risks and opportunities before a decision stage begins in early 2025.
"My natural instinct was always to stay at St James' Park," Howe said.