( CNN ) In the style capital of the world , AC Milan is looking to make a $ 340 million statement . The famed football club , seven-time champions of Europe and 18-time Italian champions , has unveiled plans to build a new stadium in the Portello area of the city with the aim of relocating in time for the start of the 2018-19 season . Italian clubs are looking to follow the example of Juventus , which opened its own super arena in 2011 on the site of the old Stadio delle Alpi . Roma also has a plans for a new stadium , while Udinese is currently renovating the Friuli stadium . The official video of the scale model of the new # ACMilan stadium in the Portello - Fiera Milano City area . https : //t.co/7kRbflkVdV . Many stadiums in the country are not privately owned by the teams . Better stadia is seen by Italian clubs as a way to attracting more fans and thereby generate greater revenue to allow them to compete with their European counterparts . Milan 's move would see the Rossoneri leave the Giuseppe Meazza Stadium it has shared with fierce rivals Inter since 1947 . Design firm Arup is behind the proposed 48,000-seater stadium , which will be sunk 10 meters into the ground so as not to overly disrupt the landscape of the area . Arup were behind Bayern Munich 's Allianz Arena and the Bird 's Nest stadium in Beijing , built for the 2008 Olympic Games . A statement released on Milan 's website also claimed the stadium would use the `` latest technology and sound-proof materials '' to minimize the noise heard in the surrounding areas . Inter 's president Erick Thohir has expressed his desire to see his club move into a stadium of its own . Design consultants Manica has released concepts of a new home for Inter on its website .
AC Milan looking to build a new 48,000-seater stadium . The club currently shares a stadium with fierce city rivals Inter . The new stadium would cost $ 340 million and would open in 2018 .