The news was announced on Tuesday in a joint statement by top-flight Italian football clubs AC Milan and Inter Milan, both of which have called San Siro home since it opened in 1926.

The new venue, which has been dubbed “The Cathedral”, is a celebration of the artistic and cultural heritage of Milan.

Its design was inspired by two of the most famous buildings in the city: the Duomo di Milano and the Galleria Vittorio Emanuele.

“The new San Siro will be the most beautiful stadium in the world for its strong identity and recognisability,” AC Milan president Paolo Scaroni said.

The new stadium, surrounded by a large green area, will be carbon neutral and LEED-certified, thanks to the use of the most innovative materials and cutting-edge technologies in terms of water and electricity usage, as well as noise control.

The stadium’s accessibility and user experience will also be outstanding, offering unprecedented safety, comfort and sightlines, as well as a range of new public services.

The venue will reportedly be smaller than the existing stadium, offering 65,000 seats instead of the current 80,000.

It should be ready to open in 2027.

Populous has designed some of the world’s most iconic sporting arenas, including Wembley Stadium, the main stadiums for the Sydney 2000 and London 2012 Olympic Games, the Emirates Stadium and Tottenham Hotspur Stadium in London, as well as the Yankee Stadium in New York, the Groupama Stadium in Lyon and the Estadio Da Luz in Lisbon.