Co-owner Sir Jim Ratcliffe's vision of a £2 BILLION 'Wembley of the North' will stand as the centrepiece of a wider government regeneration of the Trafford Park area.
The legendary 115-year-old Theatre of Dreams has provided the backdrop to the biggest moments in English football history.
But an Old Trafford Regeneration Task Force - organised by minority owner Ratcliffe - has confirmed plans to demolish it and build a brand new home on adjacent land.
United's decision came after an extensive consultation process around whether to develop the existing stadium from a capacity of 74,000 to 87,000 or build a new one.
Architects at Foster and Partners, who will design the project, said the stadium would feature an umbrella design and a new public plaza that is "twice the size of Trafalgar Square".
Three giant towers, inspired by the Red Devils’ trident, will dominate the skyline and hold up the "umbrella" - a sweeping glass and steel canopy above that will keep fans dry inside and outside what would be Britain’s biggest stadium.
A series of spectacular drawings show that the new Old Trafford would be pushed back from the site of United’s existing stadium.
Their own, tree-lined version of Wembley Way would stretch from beyond the current Holy Trinity statue, to well inside the existing Old Trafford with land currently used for a car park and freight terminal behind the Stretford End coming in to play.
United have ambitiously proposed that it will be completed within five years, which aligns with Ratcliffe's previous vision of 2030
The planned stadium would become the largest in the UK - overtaking Wembley, which has a capacity of 90,000.
A huge wraparound scoreboard also features, along with a three-storey museum and canal-side restaurants as part of a vast fan village.
The struggling Premier League club will fund the ground itself, while the UK government will help support the wider park area around the stadium.
But United, currently £1 billion in debt, are yet to say how they plan to pay for the stadium.
Under-fire co-owner Ratcliffe said as cited by Sports Central: “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.”
United's plans of building a new state-of-the-art arena - which would be the second largest football ground in Europe behind the revamped Nou Camp- received a major boost in January when the proposal received the backing of the government.
The stadium, and wider regeneration project, has the potential to deliver an additional £7.3billion-per-year to the UK economy.
The complex will boast a major transport hub as well as dedicated premises for sports, educational, entertainment and business.
Other communal benefits include more than 17,000 new homes as well as driving an additional 1.8 million visitors annually.
And their plans to re-shape the area would create more than 92,000 job opportunities.
Chancellor Rachel Reeves has already given government backing to the plans.
The architect company is led by the award-winning architect Lord Norman Foster, a close pal of Ratcliffe’s who is currently overseeing the revamp of United’s Carrington training base.
Offering some details about the plans, Lord Foster, said: "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."
Foster and Partners designed the new Wembley, which opened in 2007, and the Lusail Stadium, the venue for the 2022 World Cup final in Qatar.
The government has identified infrastructure investment as a strategic priority, particularly in the north of England.
The announcement comes a day after Ratcliffe's bombshell interview with regeneration Task Force member Gary Neville.
While discussing the club's current plight on the pitch, Sir Jim insisted that Man Utd will fund the stadium itself themselves.
He said: "We can build a stadium. We don’t need any government funding for that stadium, but it has to be the underpin for the regeneration. "The only basis upon which we can build a new one is if it is part of this government regeneration scheme for south Manchester, because we can’t afford to regenerate southern Manchester, that’s too big a bill for the club."
So United will deliver the stadium while the the Mayoral Development Corporation will support the wider regeneration of Trafford Park.
