Inter and Milan will submit a planning application to knock down San Siro and build a new stadium next week, according to La Repubblica.
The clubs’ joint focus group is finalising their documentation to present to the city council and hope construction work can begin by the end of the 2019-20 season.
The stadium will cost around €700 million to build and could be ready for use at the start of the 2022-23 campaign.
San Siro will stage the opening ceremony for the 2026 Winter Olympics in its new guise should Milan and Cortino d’Ampezzo’s joint bid be approved by the International Olympic Committee on Monday.
Inter and Milan initially considered renovating the current stadium but rejected the idea on both logistical and economic grounds.
San Siro hosts matches twice a week with both clubs playing there and it would have doubled the length of time needed to complete the renovation work.
The continuity project would also have forced both sides to play in a stadium with a maximum capacity of 45,000 for four seasons, having both shown they can attract more than 50,000 fans each week.
Inter may also have had to play their home matches elsewhere towards the end of the building work, an idea to which the Nerazzurri were strongly apposed.
The new stadium complex, which will include spaces for commercial stores and Inter and Milan’s offices and club museums, will be built slightly below street level so it does not disturb the neighbourhood’s visual appeal.
Part of the existing ground could be preserved as a ‘symbolic landmark’ for the local area.
Inter and Milan must now decide whether to hand the construction work over to an external group or create their own company to carry it out.
The latter option would expose the clubs to greater financial risks but also ensures they could recoup more money from the project.
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