Harvard University is in the “quiet phase” of a multi-billion dollar fundraising campaign, the Harvard Crimson reported Tuesday.

While the ambitious capital campaign has not announced a fundraising target, administrators told the Crimson that the final sum could surpass Stanford University’s $4.3 billion campaign. The Harvard campaign is currently in its “quiet phase” — a period used to set financial goals, determine priorities, and solicit gifts from major donors before the public launch of a capital campaign.

Renovating Harvard’s residential houses is the top priority for funds brought in through the campaign. Money will also go toward developing Harvard’s Allston campus, which includes the Harvard Business School, administrative offices and athletic facilities. Harvard froze construction of a $1 billion science complex in Allston in December 2009 after its endowment plunged 29.5 percent.

Yale Tomorrow, the University’s five-year comprehensive fundraising campaign slated to end June 30, has not yet reached its $3.5 billion target.