Abstract:Our present relativistic part of the geodetic VLBI model for Earthbound antennas is a consensus model which is considered as a standard for processing high-precision VLBI observations. It was created as a compromise between a variety of relativistic VLBI models proposed by different authors as documented in the IERS Conventions 2010. The accuracy of the consensus model is in the picosecond range for the group delay but this is not sufficient for current geodetic pur-poses. This paper provides a fully documented derivation of a new relativistic model having an accuracy substantially higher than one picosecond and based upon a well accepted formalism of relativistic celestial mechanics, astrometry and geodesy. Our new model fully confirms the consensus model at the picosecond level and in several respects goes to a great extent beyond it. More specifically, terms related to the acceleration of the geocenter are considered and kept in the model, the gravitational time-delay due to a massive body (planet, Sun, etc.) with arbitrary mass and spin-multipole moments is derived taking into account the motion of the body, and a new formalism for the time-delay problem of radio sources located at finite distance from VLBI stations is presented. Thus, the paper presents a substantially elaborated theoretical justification of the consensus model and its significant extension that allows researchers to make concrete estimates of the magnitude of residual terms of this model for any conceivable configuration of the source of light, massive bodies, and VLBI stations. The largest terms in the relativistic time delay which can affect the current VLBI observations are from the quadrupole and the angular momentum of the gravitating bodies that are known from the literature. These terms should be included in the new geodetic VLBI model for improving its consistency.