Milan are set to scrap plans for a new stadium just seven months after unveiling them with a prospective new owner partly to blame.

In February, Milan revealed their plans for a 48,000-seater stadium, which was expected to cost €320million and would have seen them become just one of a few Serie A clubs to own their own stadium.

But president Silvio Berlusconi revealed on Monday that a move away from the tired San Siro may be shelved, and imminent owner Bee Taechaubol is apparently behind that decision.

Taechaubol - a Thai businessman - is set to complete a purchase of 48 per cent of Milan for a reported fee of €500m.

"I think Milan will stay at the San Siro," Berlusconi said.

"Mr Bee really loves it too. He's also convinced that it's the best solution."

Reports in the Italian media have indicated Taechaubol's investment was in doubt but Berlusconi insisted the deal will be completed soon.

"The deal with Mr Bee is only a formality now," he said.

"I like Bee Taechaubol very much."

Stadia in Serie A are generally run-down having been built or last renovated for the 1990 World Cup, with most venues owned by local governments and clubs struggling to convince them to upgrade.

Juventus' dominance of Serie A over the past four years can at least partially be linked to the opening of Juventus Stadium in September 2011.

Udinese also own their stadium and completed renovations this year, while Roma plan to have a new 52,500-seater home for the 2017-18 season.

In July, Milan purchased the old trade fair grounds in the northern Italian city but may have no use for the land, following Berlusconi's announcement.