The complex will serve the Hull City first team and the centre of excellence, and will cost around £1million to build.
Land to build it on hasn't been acquired yet, but Adam Pearson says a decision isn't far off.
"We've spent a long time looking," said the Tigers chairman, "and basically we're down to the the final two. One is within 10 minutes of the city centre and that's probably the front runner at the moment.
"However, I want to sit down with the council to see what their thoughts are. This is a major project for the football club and involves substantial investment so we want to make sure we get it right."