Plans have been revealed for Italian premier league football club AS Roma's new 52,000-seat stadium, inspired by the colosseum of ancient Rome.

The proposed structure, design by London-based Woods Bagot, will allow Roma to move out of its current 72,000-capacity stadium, which is also home to rivals Lazio.

To be located on the riverside at Tor di Valle, south west of Rome’s city centre, the site will feature a hydraulic lift – similar to that of the original Colosseum – allowing players to make a dramatic entrance, while a canopy will cover all stadium seating.

The state-of-the-art design will also allow retractable stage canopies, rigging, and turf protection systems to enable the arena to be temporarily converted into a 60,000-capacity concert venue.

“Stadio della Roma will be one of Europe’s most sophisticated stadiums and will be groundbreaking in the inclusion of a significant ancillary development of restaurants, entertainment and training facilities, creating a 365-day destination,,” said Dan Meis of Woods Bagot.

The new football ground, estimated to cost around €300m (£246m, US$417.8m) is planned to open in 2016. The stadium plans were part of a deal announced by Roma owner James Pallotta and his Boston-based Raptor Group in 2012, after his takeover of the club.