AC Milan is hoping to move into a new stadium by 2020, according to the Associated Press.
San Siro has hosted Milan since the stadium's inauguration in 1926. It also has shared the stadium with Inter Milan since 1947.
The precise location in Milan for the new stadium has not yet been chosen.
AC Milan vice president Barbara Berlusconi said Friday that "work on the stadium continues, the plastic model is almost ready. We are awaiting important answers from the bureaucracy in the first six months of 2015. The dream is to complete it by 2020."
Berlusconi added that "many companies" are interested in the project, and that "there are no economic problems whatsoever."
There are ongoing renovation plans for San Siro, which will host the 2016 Champions League final. Milan previously hosted the Champions League final in 2001, as well as the European Cup finals in 1965 and 1970.
- Mike Fiammetta