Tottenham Hotspur’s new stadium could become the most expensive venue in Europe after a report suggested the overall cost of the project has rocketed to £1bn (€1.13bn/$1.34bn).

Early estimates had placed the cost at approximately £400m, but the Daily Mail newspaper has now reported that after this forecast was initially increased to £750m, the total cost is likely to be even higher.

Daniel Levy, chairman of the English Premier League football club, is said to have opened talks with interested parties to help provide additional financing for the project, which is scheduled for completion next summer.

The club is currently playing its home matches at Wembley Stadium on the other side of London, but is due to move into its new stadium ahead of the 2018-19 season, which kicks off in August next year.

The Daily Mail said that Tottenham has already spent more than £100m on work related to construction at the site, with plans to cover the remaining costs with various sources such as debt, advance hospitality ticket sales and a possible naming rights deal.

Levy recently said the club has “received expressions of interest from credible   counterparties” in terms of naming rights for the new venue, having already confirmed that the stadium will not retain its White Hart Lane name once open. A naming rights deal could bring in around £28m a year.

In addition to serving as the new home of Tottenham, once open, the venue will be used to host American football NFL games. The NFL league stages its annual International Series in London, with the majority of the games taking place at Wembley, but plans are in place to utilise the new Tottenham stadium to host some of these games.

Further still, the new venue could become home to a mooted, London-based NFL franchise, should the league be able to finalise plans for a UK team.