“The Giants and Jets will be equal partners in the creation and construction of the stadium that could be ready for the 2009 season," the New Jersey Sports and Exposition Authority announced.
"Jets and Giants fans will experience a state-of-the-art facility that will feature new fan amenities, better sightlines, wider concourses and more concessions," the two teams said in a statement.
The New Jersey agency will both buy the land for new training complexes and build them, the teams said.
The Giants and Jets have yet to finalise the new stadium's design, according to a source close to one of the teams, who declined to be named.
The new deal could finally kill the Jets' bid to return to New York City.
The Jets' attempt to build a new $1.9billion Manhattan stadium died this spring when the state rejected their financing plan.
But in the past few weeks the Jets, who have played in the Meadowlands for about 20 years, met with city officials about building a new home in New York City borough of Queens.
