Inter and AC Milan have agreed to a “memorandum of understanding” over plans to develop a stadium.
The Serie A and local rivals currently share Giuseppe Meazza Stadium, also known as San Siro, and have done so since 1947.
Inter and AC Milan, who are second and fourth in Serie A this season respectively, consider a new stadium essential for both fan bases and the long-term success for each team.
The pair have no intention of ending their sharing arrangement, as they have now announced their plans to find a solution to their stadium question together.
Among their options, redeveloping San Siro is a possibility the clubs are considering.
After meeting with Milan mayor Giuseppe Sala, they hope to finalise the first stage of their plans by the end of 2018.
“F.C. Internazionale Milano S.p.A. and A.C. Milan S.p.A. can confirm that they’ve set forth a memorandum of understanding to work together on developing a modern and avant-garde stadium,” the clubs' statement read.
“A stadium adapted to current standards is fundamental in allowing fans to enjoy a unique experience and to guarantee success both on and off the pitch. The two clubs believe that a shared stadium is of primary interest to all stakeholders from a financial, administrative and technical point of view.
"The two clubs are evaluating a number of possible options, including the redevelopment of the Stadio San Siro. A collaborative group has already restarted the analysis of different alternatives."
AC Milan released a similar statement, with the rival teams both stating that they would like to have the initial process finished by the end of the turn.
"The clubs aim to conclude an initial evaluation phase by the end of the year, in order to commence the technical and administrative activities required to deliver a modern stadium to their fans in the shortest possible timeframe," AC Milan's statement read.
The San Siro has been shared by the two Italian giants since 1947, when Inter joined AC Milan in using the venue as a home ground.
Renovations were carried out ahead of the 1990 World Cup and again ahead of the 2016 Champions League final.