Inter and AC Milan are close to announcing a joint project for a new stadium, casting aside potential renovations to the San Siro.

Inter CEO Alessandro Antonello tells Gazzetta dello Sport the clubs agree the best way forward is to build a new stadium next to the city-run San Siro then tear down the old stadium.

Antonello says: 'Inter and Milan are working together. We still have work to do but the time is right. Soon we will inform the city of our shared choice.

Inter CEO Alessandro Antonello says the clubs agree that they should build a new stadium

The clubs agree the best way forward is to build a new stadium next to the city-run San Siro

SAN SIRO HISTORY - Opened in 1926 - Inter defeated Milan 6-3 in the first game at the stadium - AC Milan were original tenants before Inter joined in 1947 - March 1980 the stadium was named after Milanese footballer Giuseppe Meazza - Used for four European Cup finals Advertisement

'Milan needs a stadium worthy of the top European cities.'

The San Siro, officially named Stadio Giuseppe Meazza, opened in 1926 and has already had several renovations.

Modernizing the San Siro again could take more time and money than building a new stadium - plus would require Inter and Milan to play elsewhere during construction.

Inter beat AC Milan 6-3 in the first game at the stadium.

The ground has hosted four European Cup finals.