The Sky Blues, who have left the Ricoh Arena after becoming embroiled in a bitter rent row, will play at Northampton's Sixfields Stadium for the next four years while they build a new home in the city.
And the first steps have already been taken after the club agreed terms on a site six miles outside the city centre.
The club, who are hopeful of finalising the deal within eight weeks, have also entered exclusive talks over a second location.
Chief executive Tim Fisher said: "We completely understand the pain the groundshare is going to cause our supporters but we have a clear path to return to the Coventry area.
"We are under no illusions at just how tough it is going to be for the next three years but there is absolutely no question that Coventry City Football Club's long term future is in this area.
"Once we have agreement on a site, we will begin a consultation process with our supporters because we want this to be their home - a home that everyone can be proud of.
"And, of course, a home where the club has access to all matchday and non-matchday revenues which are crucial when it comes to financial fair play."
The Sky Blues have already recruited a number of companies with high-profile projects in their resume to help with the process, including AFLS+P, architects of the New York Stadium in Rotherham, whose relocation back to the town from Sheffield is a model that Fisher has already identified as one to emulate.