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Goodison Park is to become the home of Everton's women after the club scrapped plans to demolish the 132-year-old stadium.
The Blues will move to their new 53,000-seater arena at Bramley-Moore Dock this summer.
During construction of the new facility on the Liverpool waterfront, Everton's previous ownership group announced plans for an £82m post-demolition renovation project at the Goodison site, which was set to include housing, a care home, retail units and a park.
But after being taken over by private equity firm The Friedkin Group in December, the club conducted a feasibility study about maintaining the stadium as a home for the women's team, and have now opted to continue operating the site.
With a capacity of 39,572, Goodison Park will now be the largest dedicated women's football stadium in the country.
"Goodison will remain a central part of Liverpool's sporting and cultural identity," Everton said in a statement. "The relocation will also generate economic opportunities for local businesses through matchday footfall."
"The ambition is to create a team capable of challenging for honours – backed by high-quality facilities and a world-renowned home."
The club's CEO Angus Kinnear added: ""We know how treasured Goodison is, not only to every Evertonian, but to the game itself, and being able to keep such an iconic stadium at the heart of the legacy project is something that has been incredibly important to us."
Everton's women's team have played at Walton Hall Park, one mile away from Goodison, since 2020. The stadium has a capacity of 2,200, but only 500 of those places are seated, and its pitch is a hybrid of real and artificial grass.
Previously one of the strongest women's teams in the country - including winning a league title in 1998, two domestic cups in the late 2010s, and reaching the quarter-finals of the Champions League in 2011 - Everton underwent a gradual decline in performance under previous owner Farhad Moshiri.
The Blues finished no higher than fifth in the Women's Super League (WSL) during the Iranian's time in charge, and ended this season's campaign in eighth. Their average home attendance was 2,062.
BBC Sport understands Everton plan to improve Goodison Park's changing room facilities, and rebrand the exterior of the stadium to reflect the women's team's history and current squad, while Walton Hall Park will continue to be used to offer a space for grassroots football in Liverpool, predominantly in the girls' game.
Everton will play their final men's first-team match at Goodison Park on Sunday (12:00 BST) against already-relegated Southampton.
Everton also announced that Goodison Park would host selected academy matches from next season.
The club's under-21s side currently plays its home fixtures 16 miles away at the 6,000-capacity Haig Avenue stadium in Southport, but last week Everton opted not to renew that agreement.
The only player in the current Everton first-team squad who graduated from the club's youth academy is backup goalkeeper Joao Virginia, who signed from Arsenal at the age of 19 before spending a single season in the Blues' youth set-up.
Emma Sanders - BBC Sport senior women's football reporter
Everton's women's team's future under the club's new owners - who have ambitions to return them to former glories - is an exciting one.
One of the eight founding clubs of the WSL - the first professional league in England - Everton's history runs deep.
Goodison Park is a stadium rich with memories and the club hopes familiar surroundings can help grow the fanbase of the women's team and enable them to embark on a new journey under The Friedkin Group.
The signs have already been positive with investment provided in the January transfer window to improve Brian Sorensen's squad, and the Blues are looking to add more quality this summer.
The Friedkin Group has a strong track record of investment in women's football. Following their acquisition of a majority stake in AS Roma in 2020, they have won the women's Supercoppa Italiana twice in the past three years, and compete in Serie A - the top tier in Italy.
