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.
"We've made advances, we have all the information and we're in a position to make a decision."
Despite the sizeable financial outlay that would be involved, Freixa insisted any project would not harm the club, adding: "It needs to be viable from a technical perspective, urbanist and economic. We would never submit a project that would endanger the sustainability of the club."
The Nou Camp is already the largest ground in Europe with a capacity of 99,354.