Manchester United have unveiled plans to build a “state-of-the-art” 100,000-capacity stadium adjacent to Old Trafford, which they say will cost £2billion and could be finished within five years.

The Red Devils have been looking to renovate or leave their iconic Old Trafford home, where they have played since 1910, for several years.

Following an extensive consultation process, they have appointed architects Foster and Partners to design the project, which the club says will feature an “umbrella design” and a public plaza “twice the size of Trafalgar Square”.

United have yet to say how they plan to pay for the stadium, after part-owner Jim Ratcliffe said on Monday that the club would have run out of money this year if not for a series of controversial cost-cutting measures.

Ratcliffe told the club’s website: “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.

“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.”

Legendary former manager Alex Ferguson said: “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.”