MILAN - The city of Milan will work with AC Milan and Inter Milan on the possible revamp of its historic San Siro stadium, in a bid to prevent the two Serie A soccer clubs from leaving their historic home ground.

Mayor Giuseppe Sala met AC Milan and Inter executives on Thursday to discuss a way forward for the San Siro after a previous plan championed by both clubs to knock down the arena and build a new stadium in the same area stalled amid political resistance and heritage rules that protect historic buildings.

Italy's largest construction company Webuild has offered to draw up a feasibility study within three months and the two clubs will study guidelines for the project, Sala's office said in a statement.

The mayor's office said the city, which owns the San Siro stadium, will assess with Inter and AC Milan whether to go ahead with the revamp, while the clubs continue working in parallel on their ongoing plans to build two separate arenas on the outskirts of Milan.

Opened nearly a century ago, San Siro is one of the world's most famous soccer venues.

It is expected to host the inauguration ceremony of the Milan-Cortina 2026 Winter Olympics and Paralympics, and has undergone several restorations over the years to reach its current 80,000 capacity.

However, AC Milan and Inter see having a new modern arena as a crucial way to boost their revenues, which are lagging behind those of their European peers. REUTERS