Manchester United have officially announced plans to leave Old Trafford, their home for more than 100 years, and move into a new stadium.

The proposal was unveiled on Tuesday and has been backed by former manager Sir Alex Ferguson.

It follows recommendations made by the Old Trafford Regeneration Task force -- set up more than a year ago -- and a series of fan consultations.

The other option on the table was to redevelop the existing stadium, but the club have opted to move to a new home. A source has told ESPN that the club will not need to play a game away from Old Trafford while the work is completed.

"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," co-owner Sir Jim Ratcliffe said on Tuesday.

"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."

Old Trafford, which has a capacity of 76,000 after the last expansion in 2006, was opened in 1910. United's plan would see a new stadium built on the same site in Manchester with a potential capacity of 100,000, making it the biggest stadium in the UK.

Sources have told ESPN that plans to keep Old Trafford as a home for the women's team and youth teams were explored but eventually knocked back.

The new stadium is set to sit within a wider regeneration of the area which could see the construction of 17,000 new homes.

Ferguson, United's longest-serving manager, said the club had been "brave" in deciding to move away from Old Trafford.

"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," Ferguson said.

"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."