Los Blancos president Florentino Perez has revealed the huge financial costs needed to redevelop the club's stadium and has refuted claims made by Barcelona's Gerard Pique

Real Madrid are prepared to splash out up to €400 million in an attempt to revamp the Santiago Bernabeu into the world's finest football stadium.

The Bernabeu has undergone substantial changes during its history and progress appears to be on the horizon, with the Blancos chief Florentino Perez set to announce which firm has been awarded the contract to upgrade the stadium.

"The redevelopment will cost between €300 million and €400m," Perez said.

"The winning project will be awarded in the next few weeks."

Perez showcased four separate plans for the redevelopment of the iconic venue last October, with the Liga giants eager to enhance their matchday revenue streams.The 66-year-old is reportedly keen to make extensive changes to the exterior of the stadium and ensure that every seat in the house is covered by a roof.

Meanwhile, Perez was also eager to dismiss suggestions that Bankia - the fourth largest bank in Spain - had helped finance the club's world-record move for Gareth Bale.

Barcelona defender Gerard Pique had intimated that the Spanish bank had provided credit to help Real secure the signing of the Wales international.

However, Perez refutes the claims, insisting: "It is not true what Pique said."