The premiership side secured planning permission to move from Anfield to a new £400 million stadium at Stanley Park last month.
But it was revealed last night that plans were being downgraded.
Liverpool's chief executive Rick Parry insisted this was because of spiralling costs, not due to the ‘credit crunch’ in America, and he sought to reassure fans the club remain confident a new stadium will be delivered on time.
Mr Parry said: “We are now considering two schemes but the stadium will be a 70,000-seater.
“The new stadium will be a significant improvement on the original plans and a slightly downgraded version of the new ones.
“And it will be a massive improvement on where we were 12 months ago, if not quite as dramatic as the plans unveiled in the summer.
“The single-tier Kop remains fundamental to the design and we are not expecting any delays - it should be on schedule for 2011.”
Liverpool initially got the green-light for a 60,000 seater stadium in March 2006 but the club's new American owners Tom Hicks and George Gillett were unhappy with the design so planners returned to the drawing board.