Italian Serie A football clubs AC Milan and Inter Milan are reportedly working together on plans for a new 60,000-seat stadium that will be based on MetLife Stadium.

The cross-city rivals announced in November that they had signed a Memorandum of Understanding to work together on a stadium project, through which they would analyse a range of options, including a brand-new stadium or renovation of the iconic San Siro.

According to Italian newspaper La Repubblica, the clubs are favouring a new stadium, which would be built a few hundred metres from the San Siro. The newspaper reported that the plans have already been approved by the council, with AC Milan currently waiting on Inter’s approval.

The report adds that MetLife Stadium, home of NFL American football teams the New York Jets and New York Giants, is being used as a blueprint for the ‘new San Siro’. It is hoped the stadium would be built by 2023.

The stadium would reportedly cost €600m (£516m/$680m) to build, with naming rights for the venue set to fetch at least €25m a year. The project is also said to include plans for a nearby 5,000-capacity arena and shopping complex.

Last month, Alessandro Antonello, chief executive of Inter, suggested a reduction in capacity for the San Siro, which currently seats 80,000 people.

The San Siro first opened in 1926 and has undergone several renovations, most notably for Italy’s staging of the 1990 FIFA World Cup. AC Milan has played at the stadium since it opened, with Inter having used it since 1947.

Image: Jose Luis Hidalgo R.