AC Milan and Inter have taken the first official steps to replacing their existing San Siro ground with a new 60,000-seater stadium after filing a proposal with local authorities.
Commonly known as San Siro for the district of Milan in which it is situated, Stadio Giuseppe Meazza is one of the most iconic grounds in European football, having hosted 1990 World Cup matches and four European Cup/Champions League finals.
But it has long needed significant regeneration and Rossoneri president Paolo Scaroni in June revealed plans to demolish the stadium and replace it with a state-of-the-art arena.
Milan and Inter confirmed they initiated the process on Wednesday in a joint statement, with their new home set to hold approximately 60,000 people.
The release read: "AC Milan and Inter filed with the municipality of Milan the technical and economic feasibility study for the new Milan stadium and its multifunctional district.
"The proposal to the local institutions marks a first official step by the clubs, beginning a shared journey together with the municipality towards constructing a modern, sustainable and accessible urban district in the San Siro area, built around a new world-class stadium.
"The documentation submitted by the clubs consists of a detailed technical and engineering study which does not yet include an architectural component."
The clubs expect to create an estimated 3,500 jobs as part of a regeneration project in the entire San Siro area that is predicted to cost €1.2billion.