With Old Trafford becoming increasingly ramshackle in recent years, Ratcliffe has been pushing for United to have a state-of-the-art arena.

United have been examining whether to redevelop the existing venue or build a new stadium in the same area in conjunction with the Old Trafford Regeneration Task Force (OTRFC).

British billionaire Ratcliffe, who bought his stake in United last year, is due to provide a fresh update at an event in London on Tuesday.

Speaking to former United captain and OTRFC member Gary Neville on The Overlap podcast, Ratcliffe said: “It’s definitely deliverable but I think it needs to be set in context again.

“If you take the view that it’s the greatest football club in the world, then if it’s going to build a new stadium it should be a new stadium that’s befitting the greatest club in the world.

“And also a stadium that befits the greatest league in the world because the Premier League is the greatest league in the world.”

Old Trafford has a 74,197 capacity after a series of renovations since becoming United’s home in 1910.

But Ratcliffe believes it is no longer the jewel in English football’s crown, setting his sights on emulating Real Madrid’s revamp of their iconic Bernabeu stadium.

“At the moment, if you look at the Premier League, we’ve got some great stadiums, but we don’t have a Bernabeu, do we? And we don’t have the new Nou Camp. We don’t have that in the Premier League,” he said.

Ratcliffe added that United “don’t need any government funding” for a new stadium, but stressed that it would have to be part of a government supported project to regenerate the area around Old Trafford.