Manchester United chief executive Richard Arnold has warned the club will be "disciplined" in their plans to improve facilities at Old Trafford.
The club appointed Populous as master planners to assess options for redevelopment of the stadium earlier this year and are continuing to work on potential options.
Old Trafford has come in for criticism in recent years as it's fallen behind new-built stadiums in terms of facilities and the Glazer family have accepted investment is required.
Speaking on an investors' call after United announced their latest financial results, Arnold said the club were determined to give fans the facilities they deserve, but that they wouldn't overspend in the current financial climate.
"For fans at Old Trafford, we believe they deserve excellent facilities and experiences when attending matches," said Arnold.
"Earlier this year, we appointed master planners to explore options for potential redevelopment of our stadium and the club-owned land which surrounds it. We are at an early stage of a multi-year project and will continue to gather input and feedback from our fans and other stakeholders on these options before making any firm decisions, and we will update the market in due course.
"While remaining committed to long-term investment in the stadium, we will be disciplined in our capital plans, which must be sustainable, and mindful of the macroeconomic pressures and inflationary environment currently impacting the UK and wider global economies."
Arnold also stressed the club's desire to continue communicating with fans, having attempted to improve that area in the aftermath of the European Super League project.
"Ultimately, we know that the strength of Manchester United rests on the passion and loyalty of our fans," he said. "That’s why we have made improving fan engagement one of our strategic priorities. In January, we launched our Fans’ Advisory Board as a new channel for board-level dialogue between fan representatives and the club, its management and owners, and this model has since been embraced by the Premier League as a mandatory model for other clubs to follow."
Arnold accepted United had fallen below standards expected on the pitch last season, finishing sixth in the Premier League, but he feels they are now on the right track.
"Clearly our on-pitch performance in finishing 6th in the Premier League last season fell short of our aims and expectations," he said.
"In response, we have made important and necessary changes, including new leadership for the men’s first team under Erik ten Hag and the strengthening of the playing squad during the summer transfer window.
"I want to stress that we are working tirelessly behind the scenes to create the conditions for renewed football success. That includes ongoing investment in the training facilities at Carrington, with further improvement to come for the women’s and academy teams."