Premier League football club Chelsea has seen its application to build a new £500m (US$614.6m, €585.3m) stadium approved by the local council.

The London Borough of Hammersmith and Fulham have give the green light to the structure, which will be built on the site of the club’s current Stamford Bridge ground.

Herzog & de Meuron – the architect behind the innovative Nouveau Stade de Bordeaux, which was used for Euro 2016 matches – has designed the 60,000-capacity venue.

Once built, the the stadium will be one of the largest in the Premier League, rivalling the home grounds of London adversaries Arsenal, Tottenham Hotspur and West Ham.

The former moved into its 60,000-seat Emirates Stadium in 2007, while the latter started playing in the 57,000-capacity London Stadium last summer.

Tottenham Hotspur is in the process of building its ambitious Populous-designed stadium on the site of White Hart Lane. The venue – which will also be use for National Football League (NFL) matches – will be able to hold 61,000 spectators.

London mayor Sadiq Khan will now have the last say on whether the building can commence.

Chelsea will now have to seek out a temporary home for a few seasons, with Twickenham in south-west London and Wembley Stadium in north-west London being mooted.

However, a move to the latter could be complicated by the fact that Tottenham Hotspur will play a season at the home of English football over the course of 2017/18 while its new stadium is being constructed.