Arsenal needs to raise £200m to fund the development of the ground, which will increase the club's revenue when it opens for the start of the 2006/07 season.
Keith Edelman, managing director of Arsenal Holdings, said the club would review financing if it was not sorted out by the end of the year.
He said if such a review did take place it would have to decide whether to delay the Ashburton Grove project for a year or two, or to sell off the land and start again at another site.
We have not yet got final signatures from financial institutions
Keith Edelman, Arsenal Holdings MD
Edelman said he hoped to complete the financing deal within two months, although full agreement with lenders had not yet been reached.
He said: "Although we are making progress, we have not yet got final signatures from banks and financial institutions."
Arsenal's bank debt rose to £45.8m in the year up to 31 May, mainly because of the cost of buying properties to assemble the site.