The historic stadium is to be mostly demolished, though a part is incorporated into both of the designs presented on Thursday
AC Milan and Inter have presented their plans for the new San Siro stadium.
Two designs, by Populous and Manica/Sportium, were put forward, both retaining a part of the current stadium within a retail and sports district.
A statement said the project would represent more than €1 billion (£900k/$1.1bn) of private investment and generate “thousands of new jobs” in Milan.
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The current 75,000-seater ground began construction in 1925, and has been formally named after Italian legend Giuseppe Meazza since 1980.