The Spanish champions have commissioned a report over the viability of both projects with the objective to increase the capacity of their home ground to 105,000.
Although progress was made at a meeting on Monday, the Barca directors will not announce their preferred option until early in 2014.
Board spokesman Toni Freixa explained on the club's official website it had two choices: "The construction of a new stadium on the land on Diagonal, property which belongs to the University of Barcelona, or a profound remodelling project that would constitute a new stadium keeping the current structure of the Camp Nou.
"Both would have a capacity of 105,000 spectators, the stadium would be covered, there will be a construction of a new Palau with a capacity of 12,000 spectators, an adjacent court with a capacity of 2,000 spectators, 6,000 new parking spots and access to the Ciutat Esportiva of the Miniestadi.
Although one of the largest stages in world football already, plans to extend the capacity of 99,354 by a further 5,000 seats would see the Camp Nou trail only to the Rungrado May Day Stadium (North Korea, 150,000) and Salt Lake Stadium (India, 120,000) as the world's third largest.
Any potential extension of capacity represents a risk for the Spanish champions. The economic crisis has ensured dwindling La Liga attendances over the last couple of years, as fans find it far more sustainable to stay inside and watch the action on television than shell out for matchday tickets.
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