Talks are underway for rugby's Tigers, who play at 16,800-capacity Welford Road, to move to the Walkers Stadium in a link-up "unique in British sport".

"We have agreed in principle to create a joint company to buy the Walkers Stadium and turn it into a sports super stadium," they said in a statement.

"Both clubs believe this would be a visionary and ground breaking venture."

The Tigers consistently sell out Welford Road, while the Walkers Stadium holds 32,500 fans.

Accommodating both clubs in one stadium is an exciting and logical step Tigers chairman Peter Tom

"The stadium would be re-branded - inside and out, to reflect its joint ownership and a new playing surface would be installed to accommodate both football and rugby," the statement continued.

"The work would be carried out in time for the start of next season.

"The stadium would also be used to host international football and rugby matches, other sporting fixtures, concerts and special events.

"Discussions are taking place with the governing bodies for football and rugby, and between Leicester Tigers and the city council to agree a satisfactory financial settlement for the surrender of Tigers' lease on the Welford Road site and between Leicester City and the American institution who owns the stadium."

Leicester Tigers chairman Peter Tom believes the move "makes sound business sense".

The Tigers have too much history at Welford Road to just pack up and go From Jef Have your say on Scrum V

"Leicester and Leicestershire has a wonderful sporting heritage and both Leicester City and Leicester Tigers have a great history and tradition," he said.

"Accommodating both clubs in one stadium is an exciting and logical step to take in today's highly competitive sport environment and makes sound business sense."

City chief executive Tim Davies added: "It has long been our intention to develop the Walkers Stadium as a focal point of the community.

"Joining together with Leicester Tigers in this joint venture will enable us both to further develop, strengthen and cement the stadium as a centre of sporting excellence.

"(It) will cater for our footballing and rugby supporters as well as accelerating plans to become a major entertainment venue serving all of the people of Leicestershire and the surrounding regions."