United are still looking for a way to fund their new 100,000-capacity arena, which is set to cost in excess of £2bn and will become one of the best stadiums on the planet.
The stadium will be built on land recently purchased from Indurent located around 350 metres away from Old Trafford which reports state will honour the current ground's history and traditions.
Speaking to Midnite, Butt revealed that it is time to move on from Old Trafford which has been constantly criticised for its failing roof and poor seating.
“You look at Arsenal. You look at all these top clubs. You look at all these beautiful stadiums around now. You have to do that. It's nostalgia will be like ‘Oh, it's not great, it's not Old Trafford at all’. But if you don't do that, the older the stadium just gets older and older and older. It ends up becoming everyone wants to forget about how good how big that stadium used to be, how great it used to be. It's just what happens with football.
“You've got to move on. I think the problem with it is when you start renaming the stadium and naming rights, that's when people start seeing the bad side a little bit, which will happen. It's a all part of it, but Old Trafford will always be Old Trafford.
“There's no point trying to stick there and stay there with it. It isn't. It isn't the best stadium in the world. It's not even the best stadium in the country. And United being the club that they are, they should have the best stadium, or at least one of the best stadiums in the country. And I think that will happen if they move, and it's going to have to move purely fast if not doable in the same footprint.”
United hope to create 48,000 jobs and 15,000 new homes as part of the Trafford Wharfside project that will forecast a potential £7.3BN increase in the regional economy as well.
More details on the stadium plans should come later this year as the side seek to secure funding for the ambitious project.