Manchester United are examining options over whether to redevelop the current stadium to increase capacity to 87,000 or build a new ground which could hold 100,000 fans.

A survey released in November found a majority of United fans favour a new stadium rather than the redevelopment of Old Trafford.

The Old Trafford Regeneration Task Force (OTRTF) – which includes former United defender Gary Neville, Greater Manchester Mayor Andy Burnham and World Athletics president Lord Coe among its membership – has now completed its initial feasibility work.

An ‘Options Report’ has been submitted by the OTRTF to executive bodies at Manchester United, Greater Manchester Combined Authority and Trafford Borough Council.

The OTRTF says this sets out “a once-in-a-generation opportunity to transform the historic industrial engine room of Greater Manchester into a vibrant new driver of growth and innovation in sports, entertainment, business, and education”.

Both options of either redevelopment or a stadium rebuild remain under consideration, with the club set to decide on the preferred approach ahead of this summer.

The development of a world-class stadium would, according to the report, act as a catalyst for wider regeneration of a “re-energised Trafford Park”.

Initial findings into the proposals – which relate to potential development of a 100,000-capacity stadium, plus new mixed-use developments, such as residential, retail, leisure, business – suggest they could deliver an extra £7.3bn gross value added to the UK economy, with more than 90,000 employment opportunities.

As part of the consultation process with the local community, it was found more than 60 per cent of 1,000 residents surveyed felt the project could bring positive benefit to the area.

Trafford Council and Greater Manchester Combined Authority (GMCA) will now discuss the benefits of establishing a Mayoral Development Corporation (MDC) to help drive forward the project, with the statutory body able to push on delivery of a large-scale development – including mixed-use regeneration, transformational urban extensions and new settlements.

Greater Manchester Mayor Burnham said: “These proposals offer the biggest opportunity for urban regeneration this country has seen since London 2012 and are an important part of our 10-year plan to turbocharge growth not only around Old Trafford, but across Greater Manchester.

“Transforming the area around Old Trafford won’t just benefit Greater Manchester. By beginning to move freight away from the site we can bring new life to underused industrial land, open up capacity on our rail network, and unlock massive potential across the whole of the north.

“We are ready to move forward and will be working closely with government, our councils and communities, and the club to make sure we get this right.”

Lord Coe also feels the proposals would benefit the whole north-west region.

“Collectively we have examined a wide range of options to produce a report that outlines the huge opportunity that Manchester United, and the local authorities, have to deliver major economic and social growth,” he said.

“At the heart of the plan is a world-class football stadium which will act as a catalyst for one of the biggest regeneration projects ever undertaken in the UK.”

Councillor Liz Patel, executive member for economy and regeneration at Trafford Council added: “This is a once-in-a-lifetime opportunity to totally transform Old Trafford and the surrounding area, creating tens of thousands of new jobs and much-needed new homes.

“This is a long-term plan that will take several years to bear fruit but, as the report says, this is one of the most significant opportunities for urban renewal in the borough and the results will be great for Trafford and the surrounding region.”