Inter Milan have given the green light to proceed with plans to build a new San Siro stadium, reports, www.sportspromedia.com/.
According to Italian newspaper La Repubblica, the project was awaiting the Serie A outfit's approval having already received the backing of AC Milan, who Inter share the existing 80,000-seater stadium with.
Inter chief executive Alessandro Antonello has now revealed that both clubs agree the best way forward is to demolish the existing San Siro and build a new venue close to the current site.
"We've been working on this project with Milan and we believe that a stadium we both own would be crucial for the our growth," said Antonello, speaking to Sky Italia.
"Inter and Milan have been working on the San Siro project for several months now. We still have work to do, but the time is ripe.
"Soon we'll inform the city council of what choice the two clubs have made. The city of Milan needs a stadium on par with those of the biggest cities in Europe."
Inter and AC signed a memorandum of understanding (MOU) back in November vowing to work together on either modernising the San Siro or building a new stadium. It was then revealed in February that the two clubs were eyeing up a smaller, modern venue which would improve the matchday experience for supporters.
Both teams have played at the San Siro for more than half a century, with AC Milan having had the venue as their home since 1926, and their city rivals Inter since 1947.