Alberto Rolla, one of the architects behind the recently-constructed Juventus Stadium, has designed a 40,000-capacity venue for Serie A rival Fiorentina.

The ground will be located in Florence and cost around €420m (£367.2m, US$448m) to build.

Stadium seating will be tight, with fans in the front row seven metres from the pitch.

The surrounding area will be developed to include a hotel, 700 indoor parking spaces and a new tram stop.

It is expected to be completed by 2021.

Rolla is one of the partners working with architecture giant Arup to design and engineer the venue.

"We have collaborated with Fiorentina for the last two years to define a detailed brief, specifically built on their desires and expectations,” said Arup project leader Luca Buzzoni. “We have therefore designed a stadium that reflects the local history and landscape in a modern way and provides a great and comfortable new home for the team and its fans.”

Andrea Della Valle, owner of Fiorentina, said the announcement had created “a historic day”.

“It’s a big step for the city of Florence and all of Italy, but it’ll need a bit of patience, maybe another four years or so,” he added.

“I’d like to call this the Purple Renaissance (Fiorentina famously wears a purple kit). There’s still a long way to, but we’ve set down the first brick.”

Fiorentina is one of many Serie A clubs eyeing a new stadium, with the majority of current stock being owned by local authorities limiting revenue-generating opportunities.

Juventus became the first to take the plunge, opening its new venue in 2011. The team has dominated the league ever since, winning the last five championships.

AS Roma and Cagliari Calcio have announced in the last few weeks that plans to develop respective stadium projects have gather place.

Milanese giants, AC Milan and Internazionale, have also been devising plans to build new venues.