The home ground of AC Milan and Inter Milan, the Giuseppe Meazza Stadium, also known as the San Siro, is set to be demolished.
It is to be replaced by another stadium, which it is estimated, will cost $878m, and will be positioned next to the old venue.
According to â€‹Gazzetta dello Sport, construction work on the new stadium will begin in 2020.
Paolo Scaroni, AC Milan’s president, is quoted as saying: "We’re building a new stadium near the old one. San Siro will be demolished and there will be new buildings in its place."
AC Milan has played at the ground since 1926; Inter Milan joined in 1945.
Image: The San Siro as it currently stands (Giancarlo Liguori/Dreamstime)