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AC Milan and Inter Milan have revealed two shortlisted designs for a new 60,000-seat stadium next to their iconic San Siro home.

The plans include renovating the San Siro area and the clubs have submitted a feasibility study to their municipality.

The new stadium is expected to cost 650m euros (£576m) and take three years to build.

The club also plan to consult fans about the proposals.

"AC Milan and FC Internazionale have shared a stadium in San Siro for more than 70 years," said AC Milan chairman Paolo Scaroni.

"The project's strength is the two club's commitment together for the new Milano stadium.

"It means increased investments and a common goal to give the city a sports and entertainment district which is alive all year round thanks to events involving both teams and creating jobs for more than 3,500 people."

The clubs opted against renovating the San Siro, which would have cost , meant a loss of 115m euros (£102m) in revenue during construction, taken five to six years to complete, and have had a lower capacity than the new stadium.