AC Milan and Inter Milan have unveiled their brand-new 71,500-seater stadium that will replace the iconic San Siro.

The San Siro, which turned 100 years old last month, is going to be demolished once the new ground opens in 2031.

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Stunning images of Milan and Inter's shared home were revealed on Thursday evening, along with the venue's name.

The stadium will be called the Generali Stadium, with Italian insurance company Generali claiming the naming rights.

The deal is reported to be worth a whopping $725m over 20 years.

Milan and Inter unveil the Generali Stadium

Within the unveiling, the Serie A giants revealed the stadium has been designed around 'one of football's most iconic atmospheres'.

Foster + Partners and MANICA were behind the architecture, which features an X frame structure and a double curved roof.

Milan and Inter also wrote in their joint statement: "More than a football stadium, the project represents a long-term investment in the future of two of world football's most historic clubs, a new home for generations of supporters, and a destination designed to contribute to the cultural, economic and urban development of the city.

"The unveiling marks an important milestone in a journey that continues to transform ambition into reality.

"It offers the first comprehensive look at a stadium designed to honour the legacy of San Siro while creating a world-class experience built for the future of football.

"The project is driven by a shared long-term vision from the Clubs and their respective owners, RedBird Capital Partners and Oaktree, part of Brookfield's credit platform.

"It represents a defining investment in the future of both organisations, creating the infrastructure needed to support sustained sporting success, unlock new opportunities for growth, and strengthen their ability to compete and win at the highest international level.

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"At the same time, the project reflects a broader ambition: to contribute to the modernization of Italian football while reinforcing Milano's position as one of Europe's most dynamic, innovative and globally recognized cities.

"The architectural vision has been developed by Foster + Partners and MANICA, bringing together Lord Norman Foster, one of the world's most influential contemporary architects, and David Manica, one of the leading designers of sports venues worldwide.

"Building on a collaboration that dates back to the design of London's Wembley Stadium, the partnership combines architectural excellence and stadium expertise to create a destination rooted in Milano's identity while looking firmly to the future."

Why are they moving out of the San Siro?

Milan chairman Paolo Scaroni explained last year that the clubs were moving out of the San Siro as it is not fit for modern football.

The iconic ground that has been the home of the two Milan sides since 1947 has sadly not kept with the times.

Scaroni said: "For us, this a historic moment. It has taken five or six years to reach this point and we had great support from our owners RedBird.

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"San Siro has been excluded by UEFA as a stadium for Euro 2032 – it simply doesn't have all the facilities that are needed for modern football.

"We badly need a new stadium.

"We have always had a good relationship with Inter, so it makes sense to continue sharing the new stadium and split the costs of building and running it."