The unusual tent-like stadium design will form the centrepiece of the regeneration of the Old Trafford area.

It will feature a vast steel and glass canopy supported from three 200m high masts standing around the main stadium building.

Designed by architect Foster + Partner, the stadium and wider regeneration project, have the potential to deliver an additional £7.3bn per year to the UK economy, said the club.

It would be built on a site adjacent to the team’s current 74,000 seater Old Trafford stadium.

United said the regeneration of the wider Trafford area to the south west of Manchester city centre had potential to deliver 17,000 homes.

Sir Jim Ratcliffe, co-owner of Manchester United, said: “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.

Stadium with surrounding new housing development

“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.”

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

United hope the new ground will become the Wembley of the North