AC Milan and Inter Milan have announced that they have agreed to a "Memorandum of Understanding" that has formalised "their willingness to work together on the project for a modern, state-of-the-art stadium."
In a statement, the Rossoneri said the two clubs want to deliver a "world-class fan experience" and agree that "a shared stadium will serve in the best interests of all stakeholders from a financial, administrative and technical perspective, and are evaluating several possible options, including a complete renovation of the existing San Siro Stadium."
As such, they have set up "a joint task force to analyse all options accordingly" with the aim of concluding "an initial evaluation phase by the end of the year" so that they can complete the project in the "shortest possible time frame."
Milan and Inter also met with the city's mayor, Giuseppe Sala, on Thursday to discuss redeveloping the area around the stadium.
Eurosport's Siavoush Fallahi and football writer Adam Digby welcomed the news:
In July this year, Milan's city council pledged there would be "extraordinary maintenance and innovation" of the San Siro completed by June 2020 (h/t Football Italia).
Included in the plans were a revamped and modernised first tier, with work to be carried out on the stands, executive boxes and toilets, along with new media facilities and an operations centre for the police.
The San Siro, which has a capacity of 80,018, opened in 1926 and is one of the most iconic grounds in football:
It was the sole home of the Rossoneri until they began sharing the ground with Inter in 1947. The stadium was renovated 40 years later ahead of the 1990 FIFA World Cup, with 11 towers constructed on the outside of the venue, four of which serve to support the roof.