Italian soccer giants AC Milan and Inter Milan have announced that the proposal by architectural design firm Populous has been selected as the design to replace their joint home, the Stadio Giuseppe Meazza, known commonly as the San Siro.

The design, dubbed The Cathedral, is intended to be a model of excellence for innovation, eco-sustainability, accessibility, and fan experience.

It aims to celebrate the artistic heritage of Milan and is inspired by the Duomo and the Galleria Vittorio Emanuele, two of the city’s most iconic buildings, with a mix of glass and vertical fins.

The 60,000-seat stadium will be carbon neutral and LEED-certified, making use of innovative materials and technologies to minimize water and electricity use and manage noise.

It will bring the stadium up to modern standards with more opportunity for generating revenue – the current San Siro having first opened in 1926.

In addition, the surrounding district will be redeveloped to be dedicated to sport and leisure, with over 110,000sqm of green areas and a park covering 50,000sqm park.

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Parking, which currently covers 27% of the site, will be moved underground.

The plans are to be finalized in the coming weeks, with a final project scheme to be presented in 2022 and costs estimated at €650 million ($735 million).

The City Council of Milan gave final approval for the construction of a new stadium to replace the San Siro in November.

Christopher Lee, managing director for EMEA at Populous, said: “The Cathedral is set to become one of the most iconic stadiums in the world. It will be a modern home to legendary clubs AC Milan and FC Internazionale Milano and will become the heart of a new neighborhood. It will celebrate the cultural heritage of Milan and it will be enjoyed by the Milanese population for many generations to come."

Elsewhere, Inter are facing a probe into alleged false accounting, the city of Milan's prosecutor's office said yesterday (December 21).

Documents have been obtained from the club that relate to the sales of players in the 2017-2018 and 2018-2019 fiscal years and whether or not the club paid adequate capital gains tax.

A statement from Inter said: “The company's financial statements are drawn up in compliance with the strictest accounting principles.”