The Chicago Bears NFL franchise is considering the possibility of building a new stadium on the site that used to house the Michael Reese Hospital.

The 48.6-acre site is owned by the city after acquiring it for a potential Olympic Village which never came to fruition as Chicago failed in its bid for the 2016 Games.

It was originally rejected by the NFL team’s president Kevin Warren because he felt it was too narrow and would have to be built over an active rail line.

However, it is now back on the table after progress on moving to a lakefront location stalled.

This came after Illinois lawmakers delayed a decision on a public funding request for the stadium project, which is estimated to cost $3.2bn (£2.51bn/€2.95bn).

Building the new stadium on the hospital site also has the aim of jumpstarting a $4.3bn redevelopment of the area which has been planned for years.

“The people of Chicago will benefit from a project that’s going to create 43,000 jobs in the region, 24,000 jobs for Chicagoans alone,” said Chicago Mayor Brandon Johnson.

“A stadium that will be publicly owned and paid for by billionaires and visitors – that is the dynamic that we’re faced with right now.

“The good news is … I’ve said that my goal is to keep them in Chicago. And as long as we’re clear about not just keeping them in Chicago, but creating opportunities for real economic development, that is important.”

Most parties involved are determined to keep the Bears in Chicago, but the City of Aurora, which is 40 miles west of Chicago, has made a pitch to the franchise by stating “we want you here”.

The Bears have played at Soldier Field since 1971 but owners are looking to move into a new fixed-roof stadium as soon as possible.