Real Madrid president Florentino Perez wants to make the Santiago Bernabeu "the best stadium in the world" after unveiling plans for its redevelopment on Friday.
The estimated 400 million euro ($540 million) revamp will be led by German architects GMP along with international firm L-35 and Catalan firm Ribas & Ribas following an international tender process.
A new exterior will be built, and from the mock-ups shown on Friday, a retractable roof will also be included in the project which will take three years to complete.
Perez said at the unveiling of the plans: "The time to face another challenge has come, we want to make the Santiago Bernabeu the best stadium in the world.
"Our commitment is to continue increasing the heritage of our club, thus gain in economic strength, so we can continue to lead in an environment of increasing competition.
"We believe in a project that will enhance our image, brand and city that we also feel proud of."
Volkwin Marg, owner of GMP, who will lead the project, said: "(We aim to) transform the Bernabeu into the most advanced and developed stadium of the 21st century. This building is undoubtedly the most important project of our careers."
Reports suggest the work will start at the end of the season.