June 24 (UPI) -- AC Milan plans to demolish its iconic San Siro Stadium in order to make way for a new facility.
Club president Paolo Scaroni announced the decision Monday.
"Everything is proceeding," Scaroni told Gazzetta dello Sport. "We will make a new San Siro together, next to the old one in the same area of land. The old man will be knocked down and in its place there will be new buildings built."
Scaroni and Inter Milan chief executive Alessandro Antonello confirmed the report to Sky Sports.
San Siro -- also known as Giuseppe Meazza Stadium -- opened in 1926. AC Milan and Inter Milan have shared the facility since 1947. The 80,000-seat stadium will continue to host games for Inter and AC Milan while the new stadium is constructed next door.
San Siro has hosted four European Cup finals and six 1990 World Cup matches. The timeframe for the new 60,000-seat facility has not been announced. Scaroni said he hopes it is ready in time for the 2026 Olympics, if Milan is chosen as a host city.