Plans have been drawn for a new arena, which will cost between $300 million to $450 million and take about three years to build.
More than one location has been considered for a new venue, including the Stampede Grounds.
"We believe the long-term future of the team and our fans requires we have a new building at some point," said King. "We would like to attempt to complete a building by 2014, open the doors of a new building. That's the natural expiry of our existing lease. As each day and each month marches on, that becomes an increasingly difficult target to try and hit. We have spent money, we have done research, we have spent a lot of time and effort. It's among our top-five priorities -- the number-one priority being to win the Stanley Cup -- but it's among the top five we have.
"I would like to give you a sense that it's better than even chance of it happening, but I don't know that I can say that."
Financing is obviously a big hurdle. Currently, the Edmonton Oilers are also pursuing a new downtown arena, which will cost approximately $450 million. Incoming Oilers owner Daryl Katz has said he would contribute $100 million towards a downtown arena facility with the rest of the money raised through a mix of public and private participation.
King won't divulge a financing plan.
"It's an issue we have not resolved. We know where we can put a building and we know what it can look like. We know lots of things. We do not have an answer to the financing question."