AC Milan, one of Europe’s most famous football clubs, has revealed tentative plans for a new 48,000-seat stadium that an architect says was partly inspired by the Emirates-sponsored Arsenal FC ground in London.

The project, which is estimated to cost between $343 million and $366 million, would see the Italian football club leaving the iconic San Siro stadium it shares with city rivals Internazionale.

The proposed new stadium would be run by the club, and be surrounded by a hotel, parking areas and restaurants. AC Milan recently opened its new headquarters in the area as well.

Emilio Faroldi, professor of Architectural Technology at the Polytechnic of Milan, told Gazzetta dello Sport that the concept of the stadium was inspired by famous stadiums around Europe.

These includes the London-based Emirates Stadium, home to Arsenal FC, which is sponsored by the Dubai-based airline.

“We were inspired by the Emirates Stadium in London and the stadiums of Basel, Bilbao and Neuchatel,” Faroldi said.

“We approached the project developing the basic themes of this work: we talking about environmental sustainability, the concept of a smart urban arena that is easily reached by public transport, and it is low impact.

“Scientific research, through a series of studies, tells us clearly that the role of the arenas in Europe and in the world is gradually changing. The stadiums are no longer meant only as a place for sporting events, although open all week, but as a useful piece to reorder the urban outlook of a city, a neighbourhood.”

Final approval of the stadium is expected in March.