Chelsea last week announced plans to transform the Battersea Power Station into a 60,000-capacity ground and have made a formal bid for the 39-acre site but chief executive Ron Gourlay also said that does not mean they have given up on Stamford Bridge.
The club tried convince the Chelsea Pitch Owners group last October to return the freehold of Stamford Bridge to enable redevelopment.
"What we've all got to do is keep our feet on the ground as far as Battersea is concerned," added Gourlay.
"When we met with the Chelsea Pitch Owners shareholders back in October, we indicated that we were doing everything in our power to stay at Stamford Bridge, to extend Stamford Bridge, and we've looked at potential opportunities of a new-build around the Stamford Bridge area.
"Not only does that cause us issues with economics, it also causes us major challenges around potential planning applications and all the rest.
"We do feel, as a club, that to stay among the elite, we've got to have a bigger stadium.