Built in 1925, the colossal arena has hosted four European Cup finals, as well as six matches during the 1990 FIFA World Cup.

However, the building has been in decline for much of the modern era, with the Nerazzurri favouring a renovation up until recently, while their neighbours have long pushed for a new ground to be erected.

The two ​Serie A sides will submit design plans to authorities in Milan as they look to get the joint-project underway, with the new stadium expected to be completed for the start of the 2022/23 campaign.

According to ​Gazzetta dello Sport, although they were initially hesitant about the idea, the ​Inter board has been convinced by their counterparts that the construction of a state-of-the-art venue is in both parties’ best interests.

To minimise the effects of visual pollution on nearby neighbourhoods, it will be set below street level, with redevelopment also due to take place on areas surrounding the stadium.

The location will be just to the side of San Siro - where both teams will continue to play until the project is finished - and the proposed capacity is 60,000.

Planning permission will now be sought from the local government. If the project is approved, work is due to begin by the end of the upcoming season.