Spanish construction company FCC has won a contest to help transform Real Madrid's 70-year-old Estadio Santiago Bernabéu into what the club's president, Florentino Pérez, has called a "digital stadium of the future".
FCC, which is owned by Mexican business magnate Carlos Slim, is expected to begin work on the facility immediately, with an anticipated completion date of August 2022.
According to Cinco Dias, the contract is worth €475m (US$529.5m, £408.6m).
The expanded stadium, set to feature a modernised design conceptualised by architecture firms L35, Ribas & Ribas, and GMP Architekten, will be able to accommodate up to 90,000 spectators.
Funding for the scheme will be provided by JP Morgan, Bank of America Merrill Lynch, Banco Santander, and Société Générale.