The privately-financed facility, necessary to bring the stadium up to minimum specifications for the IAAF event, will seat 12,900 but will be expandable to accommodate 30,000 spectators.

When the project is finished, the stadium will look nothing like the current Hayward Field, which seats approximately 8,500, most in two grandstands on the east and west sides of the track.

"It's above and beyond all the expectations we could ever have had," said University of Oregon coach Robert Johnson.

The venture is expected to cost more than $200 million (£140 million/€161 million), all privately raised from some 50 donors.

Lead donors are Nike co-founder Phil Knight and his wife, Penny.

"My goal is to see an enduring monument to the ideals of perseverance, innovation and achievement that my coach, mentor and business partner Bill Bowerman instilled in all his athletes," said Knight.

"We will honour Bill Hayward's and Bill Bowerman's legendary achievements by creating a magical venue that will remain the heart of the University of Oregon for generations to come."

The new stadium will feature a nine-lane track and a nine-storey tower in the northeast corner shaped like an Olympic torch and named after Bill Bowerman, the celebrated University of Oregon and US Olympic middle distance coach and co-founder of Nike.

The building will include interpretive displays about Bowerman's life and legacy, offices, a media work area and a rooftop observation deck.

It will also include laboratory and classroom facilities for the University's human physiology department.

Built in 1919,the iconic Hayward Field has hosted seven United States Track and Field championships and six Olympic trials, as well holding the annual Prefontaine Classic on the IAAF Diamond League schedule.

The 2014 IAAF World Junior Championships were also held at the track, one of the most well-known in the sport.

It's expected that more than 2,000 athletes from 214 countries will take part in the next World Championships, awarded to Eugene in 2015.