The iconic Italian San Siro Stadium is set to be demolished this is according to Rossoneri president Paolo Scaroni.
The Giuseppe Meazza stadium, commonly known as San Siro, is the home to Milan clubs Inter and Milan and is one of the most revered grounds in European football.
Speaking to Gazzetta dello Sport, Scaroni said: "Everything is proceeding. We will make a new San Siro together, next to the old one in the same area of land. The old man will be knocked down and, in its place, there will be new buildings built."
San Siro hosted matches at the 1990 World Cup, while it has also been the setting of four European Cup and Champions League finals, the most recent of which being in 2016 when Real Madrid beat Atletico Madrid 5-3 on penalties after a 1-1 draw.
Despite its status in world football, San Siro has long been regarded as in need of refurbishment, but the two Milan clubs are planning to rebuild it completely instead.
Scaroni was speaking in Lausanne, Switzerland, ahead of the Olympic Committee's selection of the hosts for the 2026 Winter Olympics on Monday.
The stadium was officially opened in 1926, with Milan taking up residence straight away.
Milan and Inter have shared the ground since 1947.