All possibilities are being considered, including building a new ground and expanding Old Trafford.
Many Red Devils fans feel the 'Theatre of Dreams' is no longer up to standard.
And Ratcliffe has made it clear that one of his priorities is ensuring that wherever Man United call home, it's a stadium worthy of the club.
There is a lot of information out there, and here is all we know so far.
Old Trafford future: Potential new stadium
It seems almost inconceivable to imagine United playing anywhere other than Old Trafford.
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However, the Daily Telegraph report that the Red Devils could build a new ground rather than redevelop their current home.
They claim Ratcliffe plans to build a 90,000-seater that would be the 'Wembley of the north'.
The Daily Mail report that any new ground would have extensive corporate facilities to maximise income on matchdays.
He doesn't want to relocate the club but supposedly feels supporters would support a new stadium if it was on the same ground, meaning Old Trafford would be knocked down.
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This could be similar to the Tottenham Hotspur Stadium, which incorporates part of the old White Hart Lane.
However, the club own 100 acres of land around Old Trafford; 43 of those are ripe for development, and 25 are unused, so there is a lot of scope for a new ground slightly away from where Old Trafford stands.
So should United decide that a move to a new ground would be best, they have plenty of land to use because some believe that redeveloping Old Trafford would just be a short-term fix.
Old Trafford future: Redevelop the current ground
Old Trafford has been United's home for 114 years, but it needs some love and care.
Fans of rival clubs now mock the state of United's home whenever they rock up to the away end.
It holds nearly 75,000 people but wasn't selected to be a host venue at Euro 2028 because nothing has changed since 2006.
The roof is infamously leaky and there is a lot of scope for improvement in many areas.
Ratcliffe has pledged an initial £237million to infrastructure, but they would need more than that to make the improvements that would be required at United.
If the club choose to revamp Old Trafford, they could look to expand the south stand or totally re-do the whole thing.
Old Trafford future: Where is the money coming from?
No matter what United decide to do, there are going to be some serious funds involved because it's such a big project.
Of course, simply expanding one stand and tidying up a few things would be the cheapest option, but others would cost millions.
Ratcliffe has already pledged a significant chunk but several reports claim he is looking to lobby the government for public funds to help United either build a new ground or redevelop Old Trafford.
The Daily Mail claim Ratcliffe has spoken to Manchester Mayor Andy Burnham, and any approach made to Westminster would be part of the government's levelling up promises.
United could also look to get some tax breaks and relaxed planning regulations.
However, because this money would be used for just football and no other sport or community benefit, it's unclear if the government would grant any cash.
It's also unclear how taxpayers, who both support and don't support United, would feel about their taxes going towards a stadium for one of the richest clubs in the world.
Another way United could fund it is with their own cash and bank loans, while the Manchester United Supporters' Trust have offered to buy shares from the club.
This would raise capital for investment and give the fans a say in how the club operates.
Old Trafford future: What has been said?
Simon Jordan thinks Manchester United's plan to get public funds to help them build a new ground is wrong.
Speaking to talkSPORT, he said: "The stadium is going to cost £2billion.
"This is a domestic football club wanting to have government money when its got owners that have just trousered £1b - get lost!
"It's got nothing to do with getting government money. It's got nothing to do with levelling up.
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"This is a private enterprise, which is solely for the benefit of Manchester United and its shareholders.
"Why aren't the Glazers responsible for levelling up Manchester United?"