Real Madrid's futuristic $500m redevelopment of the Santiago Bernabeu

Real Madrid are pressing ahead with their futuristic plans for the redevelopment of their iconic Santiago Bernebeu that will see the stadium become, according to president Florentino Perez, a 'world symbol'.

Expected to take six years to complete, the new and improved Bernabeu will be wrapped in a 'skin' of LEDs - able to beam out the greatest moments in the club's illustrious history - and 'polished mirror.'

Cristiano Ronaldo and Co. won't be the only attractions though as the $500million redevelopment will also include a vast retail area, restaurants, a hotel and a museum to house the club's bulging trophy cabinet. The stadium will also have a retractable roof.

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Volkwin Marg, who heads up the German architectural firm Gerkan, Marg and Partners that designed the new arena, told CNN: "We were inspired by medieval cathedrals, with all their sculptures and paintings around the building telling their stories.

"For this 'holy grail', we have created a glass podium designed as a communications screen displaying the history of Real Madrid -- which appears as a huge screen from the outside," said Marg.

"I think it will become one of the most iconic stadiums in the world, and the special thing is that it will sit very tightly in the center of a vital town."

The proposed new stadium, stated to open in 2020, is a world away from the original venue which was inaugurated on December 14, 1947.

"We want it to be the best stadium in the world, with maximum comfort, an icon of architecture and cutting edge," said Perez earlier this year.

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And there could yet be even more change from the old to the new with speculation continuing over the naming rights of the Bernabeu stadium.

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It has been claimed that International Petroleum Investment Company (IPIC) - the Abu Dhabi Royal Family-owned energy company - will soon be announced as the successful bidder for the naming rights of the stadium in a deal reported to be worth up to €500m.

That report came after Perez confirmed that the club was still hoping to bring an extravagant theme park to the UAE with Abu Dhabi now their preferred home.

Speaking at Madrid's general assembly last month, Perez said: "We're getting there. There has never been any economic cost to us. But instead of doing it in a small Emirate, we're trying to do it in a location in Abu Dhabi.

"We are continuing to advance plans for a theme park where the experience of living Real Madrid will be unique."

Madrid had initially planned to build a $1billion, 50-hectare themed resort in Ras Al Khaimah (RAK), which would have included a stadium and museum dedicated to the club, as well as a marina and luxury hotel.

However, construction never began and in September 2013, Madrid announced they had scrapped the plan, and accused the project organisers of defaulting on payments.