The £4.2bn project on Manchester United's doorstep they're calling the biggest since the 2012 Olympics

Up to 48,000 jobs and at least 5,000 new homes could be created as part of an ambitious £4.2bn regeneration project around the new stadium being proposed for Manchester United, according to a new report.

United bosses are working on plans to either redevelop the ailing Old Trafford stadium with an enhanced 87,000 capacity or build a brand new 100,000 capacity stadium, but it could be part of the biggest urban regeneration project since the the London 2012 Olympics, according to Greater Manchester Mayor Andy Burnham.

He spoke as a new report - including executive summary by Deloitte regarding the feasibility of Old Trafford regeneration and an economic impact study by Oxford Economics - was published today (Friday, January 17). It will go to Trafford council leaders, who are now being asked to give the green light to the next stage in the ‘once in lifetime opportunity’.

The proposals – which include the redevelopment of Manchester United’s ground or a completely new stadium – will benefit all sectors of the economy, including the building of 5,000 homes in Trafford Wharfside, with the potential for up to 12,000 more, once the wider regeneration has been completed, the report says.

A decision on the stadium - whether to redevelop the current Old Trafford and creating an 87,000 capacity or a to build a brand new 100,000 stadium - is due to be made before the end of the season.

Trafford council leaders meet to discuss the report on January 27 and will also discuss the benefits of the establishment of a Mayoral Development Corporation (MDC) to help drive the regeneration with powers to acquire and develop land.

Trafford council, Manchester United and the Greater Manchester Combined Authority (GMCA) have already formed a