Madrid’s home since 1947, the Bernabeu was heavily redeveloped before the 1982 World Cup, with the latest plans to freshen up the venue including a retractable roof to cover the entire arena and a light display to cover the outside of the structure.
Plans for the refurbishment were originally revealed in 2014, although Madrid have since been held up by red tape.
Work is now set to begin next year on the new construction and will cost in the region of €400million.
Madrid president Florentino Perez hopes to recoup much of that sum by selling the stadium’s naming rights.
“The stadium will still be the Bernabeu, but it could have a surname, as all stadiums now have, to help to pay for the structure,” he said.