Real Madrid are set to rename the Santiago Bernabeu

Real Madrid's stadium Santiago Bernabeu. PHOTO / COURTESY

MADRID: The Spanish giants' home is set for a refurbishment which will be complete in 2017, maintaining its position as the second-largest stadium home to a top-flight European club.

Reports says that the  81,044 capacity could be set for a new identity, after talks were held between Real directors, becoming the Abu Dhabi Bernabeu.

Los Blancos signed a deal with Dubai-based company International Petroleum Investment Company (IPIC) at the end of 2014 - an agreement likely to enable the club to carry out their stadium redevelopment.

It was understood the deal would be worth around €3million (£2.24m) a year until work began on the Bernabeu, when IPIC would pay €20million (£14.9m) per year - buying naming rights to the iconic stadium.

In November, TV cameras picked up a private conversation, where president Florentino Perez was allegedly heard saying: "The Bernabeu will be called IPIC or Cespa, whatever they want.”

However it is thought Madrid and IPIC directors have met, deciding the stadium would become the Abu Dhabi Bernabeu after other names were rejected.

Despite their incredible wealth, the current Champions League holders have maintained tradition and any such name change is likely to anger supporters.