The winning bidder will be announced December 2, with work due to be finished by November 2015, according to government documents.

Planned works on the Joao Havelange Stadium include the installation of additional spectator seats, a new athletics track, telecommunication cables, security cameras, an external ramp, a medium-tension electric power system, new LED screens and improved lighting.

The redevelopment will increase the venue's spectator capacity from 45,000 to 60,000.Built for the 2007 Pan American Games, the stadium was closed in March 2013 after an appraisal by an independent engineering firm showed its roof could collapse due to structural faults.

According to Rio Mayor Eduardo Paes, the venue is due to reopen this year.

It is expected to remain available for local football matches during the redevelopment period.

Known locally as the Engenhao, the stadium will host track and field events at the 2016 Olympics.

In addition to the venue's redevelopment, work has begun to urbanise the surrounding area. The project includes a new public square, a bicycle track and drainage systems.

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