- AC Milan looking to build a new 48,000-seater stadium
- The club currently shares a stadium with fierce city rivals Inter
- The new stadium would cost $340 million and would open in 2018
(CNN)In the style capital of the world, AC Milan is looking to make a $340 million statement.
The famed football club, seven-time champions of Europe and 18-time Italian champions, has unveiled plans to build a new stadium in the Portello area of the city with the aim of relocating in time for the start of the 2018-19 season.
Italian clubs are looking to follow the example of Juventus, which opened its own super arena in 2011 on the site of the old Stadio delle Alpi. Roma also has a plans for a new stadium, while Udinese is currently renovating the Friuli stadium.
Many stadiums in the country are not privately owned by the teams.
Better stadia is seen by Italian clubs as a way to attracting more fans and thereby generate greater revenue to allow them to compete with their European counterparts.
Milan's move would see the Rossoneri leave the Giuseppe Meazza Stadium it has shared with fierce rivals Inter since 1947.
Design firm Arup is behind the proposed 48,000-seater stadium, which will be sunk 10 meters into the ground so as not to overly disrupt the landscape of the area.
Arup were behind Bayern Munich's Allianz Arena and the Bird's Nest stadium in Beijing, built for the 2008 Olympic Games.
A statement released on Milan's website also claimed the stadium would use the "latest technology and sound-proof materials" to minimize the noise heard in the surrounding areas.
Inter's president Erick Thohir has expressed his desire to see his club move into a stadium of its own.
Design consultants Manica has released concepts of a new home for Inter on its website.