Redevelopment of Dalymount Park has been delayed until 2026 as the council confirmed it wants a scaled back version.
The initial plan was to demolish the venue and build a 6,000-seater, UEFA Category 3 stadium with community facilities.
But projected costs spiralled to €52m last year from an initial €36m and Shelbourne also pulled out of the proposed groundshare with Bohemians.
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Dublin City Council said that €52m figure was "potentially unviable for any benefit it will return over its life cycle".
The DCC said: "Other options including a scaled back version of the current design will need to be examined in detail before the project can progress to the next stage.
"Another complication is the issue of Shelbourne FC publicly stating in February 2022 that they now no longer want to relocate to a redeveloped Dalymount Park.
"A revised business case for Dalymount based on a one-club model is now required to be factored into the project business plan going forward.
"Based on all of the issues outlined above including escalating costs, DCC has requested the design team to examine two options."
Instead of a complete facelift as planned, DCC wants to see scaled back plans for development of the existing structure, which will continue to house Bohemians only.
Architects will determine if the existing Jodi Stand can be refurbished, and if a new stand on the unused Connacht Street side, and at both unused terraces behind the goals, can be built.
A new stand on the Connacht Street side would include community facilities and could have a capacity of 4,000 to 5,000.
A covered terrace at the school end could potentially have a capacity of 2,000 with a much smaller stand of 250 or 300 at the shopping centre end.
If that Plan B gets the go ahead, capacity at Dalymount Park could actually increase to over 9,000.
Bohemians are holding a press conference on Thursday to discuss their next steps on the matter.
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