The La Liga giantâ€™s general assembly gave the go-ahead to the plan, which is set to provide a striking transformation of the historic venue. The redevelopment will see the Bernabeu receive a new facade, along with parking facilities and green areas.
Images on the clubâ€™s official website showed the stadium completely wrapped in a neon blue cover, with only the pitch remaining uncovered.
Perez told club members that the redevelopment â€świll represent a radical change to the stadiumâ€™s look and will mean that all the stands will now be coveredâ€ť.
He added: â€śWe will provide our stadium with an enveloping skin that will be a landmark architectural achievement worldwide. The Bernabeu must become a unique stadium, the best in the world, and the crowning achievement of the 21st century. It will be our legacy to future generations of Madridistas.â€ť
The 80,300-seat Bernabeu has undergone a number of renovations since it opened in 1947.