Manchester United has announced plans for a new 100,000-seat stadium as the centrepiece of the regeneration of the Old Trafford area.

The stadium, and wider regeneration project, have the potential to deliver an additional £7.3bn per year to the UK economy and the possible creation of 92,000 new jobs, more than 17,000 new homes as well as driving an additional 1.8 million visitors annually.

Conceptual images and scaled models of what the new stadium and surrounding area could look like were unveiled today, 11 March, by Foster + Partners, the architecture group appointed to design the stadium district.

These will provide a masterplan for more detailed feasibility, consultation, design and planning work as the project enters a new phase.

Sir Jim Ratcliffe, co-owner of Manchester United, said: “Today marks the start of an incredibly exciting journey to the delivery of what will be the world’s greatest football stadium, at the centre of a regenerated Old Trafford.

“Our current stadium has served us brilliantly for the past 115 years, but it has fallen behind the best arenas in world sport.

“By building next to the existing site, we will be able to preserve the essence of Old Trafford, while creating a truly state-of-the-art stadium that transforms the fan experience only footsteps from our historic home.

“Just as important is the opportunity for a new stadium to be the catalyst for social and economic renewal of the Old Trafford area, creating jobs and investment not just during the construction phase but on a lasting basis when the stadium district is complete.

“The government has identified infrastructure investment as a strategic priority, particularly in the north of England, and we are proud to be supporting that mission with this project of national, as well as local, significance.”

Omar Berrada, chief executive of Manchester United, said: “Our long-term objective as a club is to have the world’s best football team playing in the world’s best stadium.

“We are grateful for the feasibility work done by the Old Trafford Regeneration Task Force exploring options for the future of Old Trafford.

“We have carefully considered its findings, together with the views of thousands of fans and local residents and concluded that a new stadium is the right way forward for Manchester United and our surrounding community.

“We will now embark on further consultation to ensure that fans and residents continue to be heard as we move towards final decisions.”

Lord Norman Foster, founder and executive chairman of Foster + Partners, said the scheme was “one of the most exciting projects in the world today” with the stadium contained by a “vast umbrella”, harvesting energy and rainwater, and sheltering a new public plaza that is twice the size of Trafalgar Square.

The project has also been welcomed by Sir Alex Ferguson, who said: “Manchester United should always strive for the best in everything it does, on and off the pitch, and that includes the stadium we play in.

“Old Trafford holds so many special memories for me personally, but we must be brave and seize this opportunity to build a new home, fit for the future, where new history can be made.”

Andy Burnham, mayor of Greater Manchester, added: “Our common goal on the task force has been to try to unlock the full power of the club for the benefit of its supporters and for Greater Manchester as a whole - creating thousands of new homes and jobs.

“If we get this right, the regeneration impact could be bigger and better than London 2012.”