James Pallotta, the American investor in charge of Italian football club AS Roma, has claimed construction work on a new stadium for the team could begin next March.

Plans to build an 52,000 home ground inspired by the colosseum of ancient Rome have been in the pipeline for four years, with little sign of a breakthrough being made due to what club president Pallotta described as “some problems due to timing.”

However, in an interview with Sky Sports, Pallotta said “it’s all fine now” and claimed to have held discussions with Rome’s “fantastic” mayor about the stadium, which will now be considered by the regional authorities.

“There were no particular issues or problems, even if the media like to speculate sometimes,” Pallotta added. “We have spoken with Nicola Zingaretti, president of the Lazio region, and we hope to start the first works in March.”

The original stadium design proposal, by London studio Woods Bagot, features a hydraulic lift – similar to that of the original Colosseum – allowing players to make a dramatic entrance, while a canopy would cover all stadium seating. Retractable stage canopies, rigging and turf protection would enable the arena to be temporarily converted into a 60,000-capacity concert venue.

Restaurants, entertainment and training facilities would also be included to create a destination that can be used all year round.

The cost of the project has been estimated at AS Roma’s (US$2.2bn, £1.7bn).

As well as hosting football games, Pallotta told Sky Sports he was open to the idea of making the stadium available for Olympic events in the future.

Pallotta and his Boston-based Raptor Group completed their takeover of A.S. Roma in 2012, and immediately made the construction of a new stadium on the riverside of Rome’s Tor di Valle one of their main priorities.

If built, the club would move out of its current 72,000-capacity home, which it shares with fierce rivals Lazio.

In August, US firm AEG Facilities partnered with A.S. Roma to manage its event programming, such as vendor venue services and sustainability consulting, at the new stadium.