The Old Trafford Regeneration Task Force which includes United legend Gary Neville as well as World Athletics president Lord Coe is interested in building a new 100,000-capacity stadium rather than redeveloping the existing ground in an attempt to make the city the centre of football for the North.
Reports suggest that this plan would represent the most ambitious regeneration project in Europe and is not simply about building a new stadium but is about creating wider social and economic regeneration and reshaping the football landscape in England.
Trafford Council and the Greater Manchester Combined Authority (GMCA) are also involved in the new partnership and the team will be led by an independent director who will oversee the project.
Coe spoke on the objectives of the new stadium.
"The objective of this once-in-a-generation project is not only the development of a world-class stadium for the north of England, but also to ensure that this brings broad social and economic benefits to the local area and surrounding region.
"There is a huge opportunity to connect Trafford Wharfside regeneration with the ongoing growth of neighbouring Media City in Salford, and Greater Manchester's Western Gateway and Central Growth Cluster plans, to create a project of national significance. The tripartite advisory team will help fully unlock this incredibly exciting potential."
Mayor of Greater Manchester Andy Burnham also spoke on the project and how it could revolutionise the city.
Finally, United co-owner Sir Jim Ratcliffe said the new stadium could rival Wembley and be the centre of football in England.
"Where do you have to go if you get to the semi-final of the FA Cup and you're a northern club? You have to schlep down to London, don't you?" he added in February.
"People in the north pay their taxes and there is an argument that you could think about a more ambitious project in the north which would be fitting for England, for the Champions League final or the FA Cup final and act as a catalyst to regenerate southern Manchester, which has got quite significant history in the UK."