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AC Milan and Inter have agreed a landmark naming rights deal that will see their new stadium become known as Generali Stadium.
The record-breaking agreement represents a major financial milestone for the 71,500-capacity project, which is targeting an opening ahead of Euro 2032.
The new San Siro will be called Generali Stadium after record deal
The two Milan giants have struck a 20-year naming rights agreement with Italian insurance company Generali, reportedly worth €650m (£543m), as per The Athletic.
The deal is among the most lucrative stadium naming agreements in world sport and represents a significant show of confidence in a project that has faced years of delays and political obstacles.
AC Milan and Inter are due to unveil the latest designs for their new 71,500-seat home at Sforzesco Castle in Milan, with construction planned on a site adjacent to the existing San Siro.
The historic stadium, which opened in 1926 and has been shared by both clubs since 1947, will be partially demolished to make way for the development.
The new venue is being designed by Foster + Partners and MANICA, with the ambition of creating a modern sporting and entertainment destination ahead of the 2032 European Championship, which Italy will co-host with Turkey.
The latest agreement follows Milan City Council's approval of the sale of the existing stadium and surrounding land to the two clubs, clearing an important hurdle for their joint plans.
FGG says: This deal is huge but the San Siro will be sorely missed
There is no questioning the financial significance of this agreement, with the reported £543m investment providing a major foundation for Milan and Inter's long-term stadium ambitions.
However, it is difficult not to feel a sense of sadness about the eventual loss of San Siro.
Few stadiums in world football carry the same history, atmosphere and architectural identity, having hosted World Cup matches, European finals and some of the biggest names in music.
A modern replacement may offer greater commercial opportunities and improved facilities, but it will never be able to replicate a century of memories.