Fernandes, who has been in charge of the club for just over three months, is determined to relocate given the hemmed-in nature of their current ground in Shepherd's Bush.
With a capacity of just 18,500, it is the smallest ground in the Barclays Premier League, and Fernandes, who also owns F1's Team Lotus and budget airline AirAsia, believes the club need a bigger arena, telling Press Association Sport: "It's still premature at the moment. The key this season is to survive, but we would like a bigger ground, and we are looking."
He added: "It has to be in the area. It makes no sense to move out from where you have spent most of your life, and where the fan base is.
"So west London is where we are and where we'd like to be. I've built airlines and Formula One teams, but building a stadium is not the easiest thing in the world. There are opportunities in west London we are looking at.
"The first thing we are going to build is a new training ground, and there are two sites in west London, so hopefully we'll announce that soon. The current training ground is really not up to the mark. It has great grounds and we've tarted it up ourselves and got more equipment there, but it's not something for the future."
The key question for Fernandes is deciding on the capacity of the new stadium.
He said: "Some fans are saying 'We don't have a fan base bigger than 20,000'. My gut feel is 40-45,000. That's double where we are right now, but we're in London and there's a strong catchment area.
"Of course, there is nothing worse than a half-empty stadium, but I'm the king of sizing. If you start an airline with two planes, and then you buy 150 planes, the same question can be asked.
"As I say, it's just a gut feel, but we'll do some studies first. We can find the space, although it's not easy, and there are lots of things that have to be put into place."
Source: PA
Source: PA