Wembley is currently the biggest stadium in the U.K., with a capacity of 90,000, and is home to England’s national football team.

Twickenham, which is home to the national rugby team, holds 82,500.

Old Trafford is the country’s biggest dedicated football stadium with a capacity of just over 74,000, but is dated in comparison to the likes of the Tottenham Hotspur Stadium in London, which regularly hosts NFL games.

“Our long-term objective as a club is to have the world’s best football team playing in the world’s best stadium,” United chief executive Omar Berrada said.

Managerial great Alex Ferguson said the club “must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made.”

The announcement came days after thousands of United fans marched in protest against the club’s ownership in the face of cost cuts, ticket price rises and ongoing failure on the field.

United is majority owned by the American Glazer family, which also owns the NFL’s Tampa Bay Buccaneers.

Upon investing, Ratcliffe vowed to return the once-dominant club back to the summit of European soccer after more than a decade since it last won the Premier League.

But his first year in charge of football operations has been turbulent. United endured its worst-ever Premier League season last year and is on course to set a new low this term, with the team currently languishing in the bottom half of the standings.