Real Madrid president Florentino Perez has revealed that work on a €400m (US$429.5, £344.7m) redevelopment of its Santiago Bernabéu stadium will "begin soon".

Designed by a team of architects – which includes L35, Ribas & Ribas and GMP Architekten – the renovation will increase the venue's capacity by more than 5,000, to around 90,000.

There will also be improvements to fan experience, the technology infrastructure and broadcasting facilities, as well as hospitality areas.

The exterior of the stadium will be coated in LEDs, effectively turning it into a huge digital canvas which can be used to air everything from commercial messages to the club’s greatest moments in history.

According to Pérez, the work will result in the venue becoming "the best stadium in the world".

"The redevelopment work on the Santiago Bernabéu is set to begin very soon," he said.

"This work will see the arena become the best stadium in the world and one of the leading cutting-edge architectural iconic in Madrid, while it will also offer new resources and revenue sources for our club.

"This heritage adds to that offered by our Real Madrid City. It's a clear example of what we're all about and what we represent within the world of sport and is the setting where our academy develops and it continues to play a key role in our distinguishing feature".