An article in 'The Observer' newspaper stated that a deal has been struck between the UK government and the Football Association to revamp the existing Wembley site in a GBP700 million (USD1 billion/EUR1.1bn) project.
Tessa Jowell, Culture, Media and Sport Secretary, is expected to confirm the decision in the House of Commons on 17th December.
The article stated that demolition of the existing stadium would begin in the Spring with the new 90,000-seater arena open in 2005.
In terms of financing the project, GBP400m (USD573.6m/EUR643.9m) will be borrowed from construction company Multiplex with the FA putting up a further GBP100m(USD143.4m/EUR161m). The remainder will be covered by bank loans.
According to UK newspaper reports, Wembley is to be given the go-ahead as the venue for the rebuilding of a national stadium.
