Manchester United officially announced plans to leave Old Trafford, their home for more than 100 years, and move into a new stadium.
The proposal was unveiled on Tuesday and has been backed by former manager Sir Alex Ferguson. The proposed 100,000-seat arena would surpass Wembley as the biggest in the United Kingdom.
It follows recommendations made by the Old Trafford Regeneration Task force -- set up more than a year ago -- and a series of fan consultations.
The other option on the table was to redevelop the existing stadium, but the 20-time English champions have opted to move to a new home. A source has told ESPN that the club will not need to play a game away from Old Trafford while the work is completed.
"Today marks the start of an incredibly exciting journey to the delivery of what will be the world's greatest football stadium, at the centre of a regenerated Old Trafford," co-owner Sir Jim Ratcliffe said on Tuesday.
"Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport.
"By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience only footsteps from our historic home."
Old Trafford, which has a capacity of 76,000 after the last expansion in 2006, was opened in 1910. United's plan would see a new stadium built on the same site in Manchester with a potential capacity of 100,000, making it the biggest stadium in the UK.
Sources told ESPN that plans to keep Old Trafford as a home for the women's team and youth teams were explored but eventually knocked back.
The new stadium is set to sit within a wider redevelopment of the area, which could see the construction of 17,000 new homes.
Ferguson, United's longest-serving manager, said the club had been "brave" in deciding to move away from Old Trafford.
"Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in," Ferguson said.
"Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made."
The announcement came days after thousands of United fans marched in protest against the club's ownership in the face of cost cuts, ticket price rises and ongoing failure on the field.
United are majority owned by the American Glazer family, who also own the Tampa Bay Buccaneers.
Upon investing, Ratcliffe vowed to return the once-dominant club back to the summit of European football after more than a decade since they last won the Premier League.
But his first year in charge of operations has been turbulent. United endured their worst Premier League season last year and are on course to set a new low this term, with the team currently languishing in the bottom half of the standings.
United wants the venue to be part of a wider project to regenerate the surrounding Old Trafford area, which it said would be worth £7.3 billion ($9.4bn) to the U.K. economy. The U.K. government has already voiced its support for the project, although the specifics of how it would be funded are not known.
British architect Norman Foster has been appointed designer.
Wembley is currently the biggest stadium in the U.K., with a capacity of 90,000, and is home to England's national football team.
Twickenham, which is home to the national rugby team, holds 82,500.
Old Trafford is the country's biggest dedicated football stadium, but it is dated in comparison to the likes of the Tottenham Hotspur Stadium in London, which regularly hosts NFL games.
Information from The Associated Press was used in this report.