AC Milan and Inter Milan are planning to knock down San Siro and build a brand new stadium together on the same area of land, according to the Rossoneri's president Paolo Scaroni.

The two clubs are collaborating on a joint project which, according to Scaroni, will see the iconic venue demolished with a new stadium constructed.

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"Everything is proceeding," Scaroni told La Gazzetta dello Sport from Lausanne, where the Olympic Committee will on Monday select the hosts for the 2026 Winter Olympic Games, for which Milan is a candidate city. "We will build a new San Siro next to the old one on the same area of land.

"The old one will be knocked down and, in its place, there will be new constructions."

A timeframe for building the new stadium has not yet been set, but Scaroni hopes it would be ready in time for the opening ceremony of the 2026 Games, should Milan be chosen as host city.

"It's an extremely complicated process," Scaroni said. "It would be beautiful to have the Olympics' opening ceremony in the new San Siro, but we are not certain."

Milan abandoned plans to move out of San Siro and into a new purpose-built stadium on an area of land they won a tender for in 2014 after their then president Silvio Berlusconi complained of rising costs for the project, at a time he was also selling the club.

Since then, both clubs have been considering options either to redevelop the San Siro or build a new stadium together, with the latter option appearing to be the favoured choice.