A proposed regeneration of the area surrounding Manchester United's Old Trafford stadium could contribute £7.3 billion annually to the British economy, according to an economic feasibility study commissioned by the club.

However, the Mayor of Greater Manchester, Andy Burnham, stated on Monday that no public funds would be allocated to the project.

United are contemplating a £2 billion proposal to either build a brand-new 100,000-seater stadium or redevelop the current 74,000-capacity Old Trafford.

Burnham has endorsed the ambition to redevelop the stadium alongside a “mixed-use” neighbourhood, which would include apartment blocks, shopping centres, and new public transport stations.

Global advisory firm Oxford Economics has revealed that the regeneration project could create 92,000 new jobs, over 17,000 new homes, and attract an additional 1.8 million visitors to the area each year.

“This could be the largest regeneration scheme I’ve ever seen in this country,” said Burnham.

“We hope it becomes the best football stadium in the world, delivering benefits to the local residents.”

The project is being led by United’s co-owner, British billionaire Sir Jim Ratcliffe, who acquired a minority stake in the club earlier this year.

Although Ratcliffe had initially suggested he might seek government assistance to finance a “Wembley of the North,” this now appears to have been ruled out.

Last week, United appointed globally renowned architects Foster + Partners to work on the plans.

Fans are being asked to provide their views on the redevelopment, with former United captain Gary Neville, a member of the Old Trafford Regeneration Task Force, encouraging supporters to participate.