AC Milan and Inter Milan have agreed plans for their new stadium which will be built on the site next to where the existing 80,000-capacity San Siro currently sits.
According to Football-Italia, both clubs favour planning to build and move into their new £630 million ground by the 2022/23 season, rather than refurbish San Siro.
The local authority are said to have already approved the proposition of a new 60,000 ground.
It is understood that it will be modelled on the Metlife Stadium – which hosts NFL teams the New York Giants and New York Jets.
Also, it will allegedly include a 5,000-seater venue for music events and a shopping complex.
However, Milan mayor, Beppe Sala, has warned both of the clubs that building a new San Siro will be a “very expensive” project.
Earlier this month, Sala told reporters: “Building a new stadium will be a very expensive undertaking, but I don’t want to influence anything.
“I’m waiting to see the proposal from Inter and Milan. Hopefully it’ll arrive before the holidays. In my opinion, San Siro is a wonderful facility.”
Milan have been playing at the ground since 1926, but have shared it with Inter since 1947.