AC Milan and Inter have presented their plans for the new San Siro stadium.
Two designs, by Populous and Manica/Sportium, were put forward, both retaining a part of the current stadium within a retail and sports district.
A statement said the project would represent more than €1 billion (£900k/$1.1bn) of private investment and generate “thousands of new jobs” in Milan.
The current 75,000-seater ground began construction in 1925, and has been formally named after Italian legend Giuseppe Meazza since 1980.
The statement read: “AC Milan and FC Internazionale Milano have submitted to the Municipality of Milan a preparatory document for the feasibility project for the creation of a new world-class stadium and a Sports and Entertainment District in the San Siro area.
“The two new proposals are the result of a constructive dialogue with the Municipality and have been developed in accordance with the 16 conditions provided by the Municipality and the City Council in November 2019.
“The new concepts designed by Populous and Manica/Sportium provide for the retention of a part of the current Giuseppe Meazza Stadium within a new retail and sports district that can be used 365 days a year, including about 106,000 square metres of green space (nearly double the current 56,000 square metres of green space on the current site).
“It will be a hub dedicated to retail, sports, cultural and leisure activities both outdoors and indoors, including a running track, a cycle path, an outdoor gym, a skateboard park, a five-a-side pitch and sports museum.
“Most of the sports services will be available free of charge to the Milanese and citizens of the surrounding areas.
“Both concepts would deliver an innovative district dedicated to the next generation, cutting edge for its low environmental impact and high sustainability, creating a new meeting place for social and recreational activities in the neighbourhood.
“AC Milan and FC Internazionale Milano believe it is essential, especially in light of the current moment, to commence a project that represents more than one billion euros of private investment, which will generate thousands of new jobs and serve as a cornerstone for the future development of the city of Milan and Italian football.”