Milan and Inter have confirmed that they have selected Populous' project - nicknamed 'The Cathedral' - as their preferred bidder to construct a new stadium on the site of their current San Siro home.
The Stadio Giuseppe Meazza has been Inter's home since the end of World War II, while Milan have played there since 1926, and has become one of the most iconic stadiums in world football.
But both clubs announced on Tuesday that plans for a new stadium are being finalised after selecting Populous' project over that of MANICA.
Populous are experienced in designing and building world class stadia, and are notably the masterminds behind Tottenham Hotspur Stadium, the Emirates Stadium and Wembley.
Milan club president Paolo Scaroni said in a statement: "The new San Siro will be the most beautiful stadium in the world for its strong identity and recognisability. An attractive arena, accessible and sustainable for the city of Milan that will facilitate the growth of the clubs and their global competitiveness."
Alessandro Antonello, Corporate CEO of Inter, added: "The New Stadium of Milan will be in an extra-contemporary green area that can be lived all year round. The new district for sport and leisure and its 50,000sqm park will make San Siro the go-to neighbourhood for sport and entertainment."
No mention has been made in this most recent statement as to what the capacity of the new stadium will be, but it will most likely be less than the 80,000 San Siro can hold.
However, the problem with stadia in Serie A has always been regarding ownership, with most grounds - including San Siro - owned by city or regional authorities, meaning clubs aren't able to maximise ticket revenues.
Juventus' Allianz Stadium, while only capable of housing around 40,000 spectators, is owned by the club themselves, and the financial boost from ticketing revenue and other stadium events was a factor in their domination of Italy in the 2010s.