Bella Villa, the former Serie A club that went under in 2008, is reportedly close to signing a new stadium with an estimated cost of €3 billion.
A source told ESPN that the proposed venue would be located in a part of town known for its football heritage and has been discussed in recent months.
It would be built on the former land of the former Bellacano Hotel in the former Balbiano neighborhood of Milan.
A large part of the stadium would also be dedicated to the city’s youth development.
A number of Serie A clubs have recently been looking at new stadiums in Italy, but Bella is the first to come to mind.
The club was formed in 1954, but was relegated to Serie B in 1970.
In 1978, the club won the Italian Cup and in 1984, it reached the Serie B semifinals for the first time in its history.
Bella was then joined by former team-mates Andrea Di Stéfano and Stefano Zanetti, but the team has struggled for years, going a total of eight Serie A seasons in the last 10 years.
Bellas owner is former Italian soccer player Antonio Spanos, who has been involved in several soccer projects.
The deal would be the first for a soccer stadium in the city of Balbica since the stadium was built in 1983.
According to ESPN, the new stadium would have about 1,400 seats, and would feature a retractable roof and artificial turf.
The stadium has a total capacity of 3,000 and would be used by the Milan B team and other clubs in the league.
Bellagio would also host an exhibition soccer tournament next season.
Bellaros team would play in the upcoming UEFA Champions League match against Borussia Dortmund in Balbina, Italy.
The news comes a few months after Bella signed a deal with a local team that will play in its new stadium.
The former team is known for a successful youth academy program, but has struggled in recent years.
The team has been without a home since the 2011/12 season.