It was anticipated that Tesco's development would help finance the club's new home in Ashton Gate. But a report commissioned by Bristol City Council concluded that there is no need for a store in the area.
Bedminster residents' spokesman Chris Uttley said: "The report backs up what local people have been saying. It is unlikely there is a need for the store."
A Nathaniel Lichfield and Partners study submitted by Tesco maintains that the food store scheme will play a key role in enabling the development of the stadium.
The club's chief executive Colin Sexstone said: "Making the stadium a reality requires significant capital funding. As its largest asset, the club must maximise the proportion of the funding that is delivered by disposal of the existing stadium site."
But Uttley argued: "They claim that without Tesco there will be no stadium. It beggars belief that they have no alternative plans."
A council spokesman was unable to comment on whether of any future Tesco application would be reviewed in light of the stadium's benefits.