Milan are set to build their new stadium at the northern Italian city's old trade fair grounds, after the club announced their bid was successful.
An elongated tender process was finally completed on Tuesday, with Milan winning the right to develop the city-based venue ahead of construction company Vitali SpA.
Milan CEO Barbara Berlusconi hailed the decision, with the club planning to build a new 48,000-seat stadium approximately 2.5 kilometres towards the centre of the city from their current San Siro home.
"Today, with the decision of the Fair Foundation, officially starts the path that, at least in our intentions, will lead to a new stage," Berlusconi said in a statement on Milan's website.
"It's a first step because it will have to submit the entire project to approval of the institutions. Today, however, is a historic day."
Milan plan to make the stadium public-transport friendly, while Berlusconi claimed it will bring in €50-80million per year in revenue "that will be used for the purchase of new players".
The decision means Milan will join fellow Serie A clubs Juventus and Udinese in building new stadiums since the 1990 World Cup in Italy, while Roma have also released plans for a new home.
Milan are expected to move into the new stadium for the 2018-19 Serie A season, while Inter will take over San Siro completely, allowing them to redevelop the currently shared venue into their own exclusive home.
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