The San Siro is among the stadiums bidding to host the Champions League final in 2026 or 2027.
The iconic home of Milan rivals AC and Inter is set to go head-to-head with the newly-built Puskas Arena in Hungary which hosted last season's Europa League final between Sevilla and Roma.
According to Italian outlet Gazetta, the Giuseppe Meazza is likely to split hosting duties with its Budapest rival if neither proposal drops out of the running by February.
President of the Italian Football Federation Gabriele Gravina outlined the country's desire to stage the final in remarks released on Tuesday following confirmation of the bid.
'The decision to nominate Milan to host the Champions League final - underlines the president of the Football Federation Gabriele Gravina - is in continuity with the FIGC's policy of opening our country more and more to Europe and enhancing the infrastructural assets for the big events,' he said.
'I heard [Milan] Mayor [Giuseppe] Sala, who said he was enthusiastic, we will work together to give Milan and Italy an extraordinary experience of entertainment and sharing, one of the most exciting that football can offer.'
The San Siro could be set to host its fifth European Cup final after staging showcases in 1965, 1970, 2001, and most recently in 2016 when Real Madrid clinched their then record-extending 11th crown.
Wembley Stadium will be the location for 2024's showpiece as Manchester City bid to retain the trophy.
The respective proposals will have to wait until next May to find out whether they have been successful when host stadiums for the Women's Champions League, Europa and Europa Conference League will also be decided.
Hampden Park is one of several stadia hoping to stage at least one of the games
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