Manchester United have released the first images of the club’s plans for a new world-class stadium to replace their famous Old Trafford home, which is set to be demolished. The ambitious project will cost around £2billion to complete and will be the nucleus of the Government-backed regeneration of the Trafford area.

United have published pictures and scaled models of the incredible new stadium, which will be erected on the same site as Old Trafford currently stands.

Architecture group Foster + Partners have designed the ambitious new arena at the heart of the project, which the club estimate will create up to 92,000 new jobs and more than 17,000 new homes, as well as attracting 1.8 million visitors every year.

The next stage in the process will involve detailing the feasibility of the project and further consultation, design and planning work.

“Today marks the start of an incredibly exciting journey to the delivery of what will be the world’s greatest football stadium, at the centre of a regenerated Old Trafford,” United co-owner Sir Jim Ratcliffe said.

“Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport. By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience only footsteps from our historic home.

“Just as important is the opportunity for a new stadium to be the catalyst for social and economic renewal of the Old Trafford area, creating jobs and investment not just during the construction phase but on a lasting basis when the stadium district is complete.

“The Government has identified infrastructure investment as a strategic priority, particularly in the north of England, and we are proud to be supporting that mission with this project of national, as well as local, significance.”

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

“We are grateful for the feasibility work done by the Old Trafford Regeneration Task Force exploring options for the future of Old Trafford. We have carefully considered its findings, together with the views of thousands of fans and local residents, and concluded that a new stadium is the right way forward for Manchester United and our surrounding community.

“We will now embark on further consultation to ensure that fans and residents continue to be heard as we move towards final decisions.”

“This has to be one of the most exciting projects in the world today, with incredible regional and national significance,” Lord Norman Foster reacted.

“It all starts with the fans’ experience, bringing them closer than ever to the pitch and acoustically cultivating a huge roar.

“The stadium is contained by a vast umbrella, harvesting energy and rainwater, and sheltering a new public plaza that is twice the size of Trafalgar Square.

“The outward-looking stadium will be the beating heart of a new sustainable district, which is completely walkable, served by public transport, and endowed by nature.

“It is a mixed-use miniature city of the future – driving a new wave of growth and creating a global destination that Mancunians can be proud of.”

Sir Alex Ferguson has also endorsed the move, stating: “Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in.

“Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made.”

Lord Sebastian Coe, chair of the Old Trafford Regeneration Task Force, said: “Today marks an important step forward in what I firmly believe can be the biggest and most exciting urban regeneration project in the UK since the 2012 London Olympics.

“I am proud to have helped lay the groundwork as chair of the Old Trafford Regeneration Task Force over the past year and would like to thank my fellow members for their contributions.

“Our exploratory work is now complete, and we will hand over responsibility to Manchester United for delivery of the stadium, and the Mayoral Development Corporation to drive forward the wider regeneration.”

And Andy Burnham, mayor of Greater Manchester, concluded: “Our common goal on the Task force has been to try to unlock the full power of the club for the benefit of its supporters and for Greater Manchester as a whole – creating thousands of new homes and jobs.

“If we get this right, the regeneration impact could be bigger and better than London 2012. Manchester United could, and indeed should, have the best football stadium in the world.

“To me, that means a stadium that is true to the traditions of the club, affordable to all, with nobody priced out, and a stadium that sets new standards in the game globally.

“I believe this vision can be realised, and if so, the benefits for Greater Manchester, the North West and the country will be huge.”