Under American chairman James Pallotta, Roma, currently second in the league 11 points behind champions Juventus, are bidding to become "one of the world's most successful football clubs", according to the club.

Pallotta sees the move to the 'Stadio della Roma' to the south-west of the city as a major step in the Giallorossi's long-term strategy of challenging for titles at home and abroad.

The American, a shareholder at the Boston Celtics NBA franchise, also believes the multi-purpose venue's commercial and leisure opportunities will provide a major attraction.

Pallotta has the backing of the Mayor of Rome, Ignazio Marino, for the privately-financed project.

Speaking at the presentation, Pallotta said initial costs of 300m euros ($413m) could rise to approximately 1bn euros ($1.37bn) given the need for related infrastructural work on roads leading to as well as the land around the stadium .

"We have worked exceptionally hard over the past two years and particularly in recent months in collaboration with Mayor Marino and his administration in developing this stadium project for AS Roma, the City of Rome and our great fans," said Pallotta.

"The city and fans deserve a world class stadium. We are confident the Stadio della Roma will be among the best in the world and a key driver for the club's continued success."

The stadium would be equipped to host music and entertainment shows and includes a 5,000-seat outdoor amphitheatre and a 13,000-seat amphitheatre within the stadium.

The project would also "serve as an anchor for a larger, new privately owned and managed mixed-use development" that would see the stadium become a "hub for shopping, dining, entertainment, work, hospitality and sport and will host Romans and visitors from around the world 365 days a year".

Pallotta added: "It is extremely important that the project provides a safe and secure year-round sports, entertainment, shopping and dining experience for the people and visitors of Rome.

"For a stadium development to be truly successful today, it must become part of the everyday fabric of people's lives. This integrated project provides such an opportunity, creates thousands of jobs many new and sustainable business opportunities."

The stadium is scheduled to be completed and open for the start of the 2016/17 Serie A season.