Los Angeles County Museum of Art (LACMA) has signed an agreement with the Academy of Motion Picture Arts and Sciences to press ahead with plans for the US city's new movie museum.

A new Memorandum of Understanding (MoU) will see the two organisations work towards the creation of a movie museum in the May Company building, known as LACMA West.

Proposals for the establishment of the new attraction were first mooted in the mid-1960s but it is now hoped the new agreement represents "the most significant step yet taken".

The Academy is currently eyeing a long-term lease to the 300,000sq ft (27,871sq m) facility, which will house permanent and rotating exhibitions exploring the history of movies.

Academy chief executive officer Dawn Hudson said: "Finally, our industry will have a dedicated space where we can inform and excite people about the endless range and possibilities of motion pictures."

LACMA chief executive officer Michael Govan added: 'This represents a seismic shift in the cultural landscape of Los Angeles, and an extraordinary new resource for residents proud of their local history, and for fans of cinema worldwide."