Plans to replace the Georgia Dome with a new $1bn (762m euro, £621m) retractable –roof stadium have reached the next stage as submit applications for the design job.

Scheduled to open in 2017, the new stadium will be owned by the authority and operated by the Falcons under a 30-year agreement. The stadium will also be used for other sports, convention and entertainment events.

Upon completion, the new stadium will replace the Georgia Dome and serve as the home of the NFL’s Atlanta Falcons.

The stadium will be located in the centre of downtown Atlanta and officials are currently deciding between 10 design firms including London-based Olympic stadium designers Populous.

The winning designer will get a fee based on a percentage of a $700m construction budget.

In December 2012 the Georgia World Congress Centre Authority (GWCCA) Board of Governors voted to move forward with building a new stadium, which will be built on GWCCA property.

The ten firms include 360 Architecture, AECOM, Eisenman Architects, Ewing Cole, HKS, Populous, RGC Stadium Design, Rosetti, TVS Design/Heery/Gensler, Woods Bagot.