Real Madrid have announced plans for a 400 million-euro ($544 million) redevelopment of their Santiago Bernabeu stadium that will include a retractable roof and a new commercial centre encompassing shops, restaurants and a hotel.
German architecture firm GMP Architekten and Catalan company L35 Ribas have been selected for the project, which will transform the Bernabeu into the "best stadium in the world" according to Real president Florentino Perez.
"Although we are in the preliminary phase of analysis and costs, the estimated investment is around 400 million euros and could generate an increase of more than 30 percent in the current revenue received through the stadium," said Perez on Friday.
"We want the Santiago Bernabeu to be converted into the best stadium in the world, with the utmost comfort and modernity and where the sensations of watching a football match will be unforgettable.
"Moreover, it ought to be an icon of modern architecture and one of the most representative icons in the city of Madrid."
The work is expected to take three years to complete, but Real will continue to play at the Bernabeu in the meantime.
Last week Madrid were named top of Deloitte's Football Money League for the ninth successive year with revenues of nearly 520 million euros.
However, it is believed that Perez will look for a commercial sponsor to put their name alongside that of iconic former president Bernabeu to help fund the development.
The announcement comes less than two weeks after Madrid's La Liga rivals Barcelona unveiled plans for a 600 million-euro redevelopment of their Camp Nou stadium.