US President Barack Obama and first lady Michelle Obama have reportedly chosen Chicago's historic Jackson Park as the site for their Obama Presidential Center.

Media reports in the city claim the historic park has been chosen ahead of fellow South Side location Washington Park. Official confirmation is expected next week.

Once the announcement is made, preparation work will begin ahead of the start of construction next year.

Earlier this month, the Obamas chose Tod Williams Billie Tsien Architects and Partners (TWBTA) and Interactive Design Architects (IDEA) to design the centre, which will include a library for the presidential archives and a museum focusing on Obama’s time in office.

The cost of the project will be approximately US$500m (€450m, £376m). It is expected to open in 2021.

The project is being developed by The Obama Foundation – which was started by the Obamas in 2014 to “inspire the next generation of young leaders across the world".

The 500 acre Jackson Park was developed in 1893 as a host site for Chicago World's Fair. The Chicago Tribune has speculated that the presence of the Obama Center and its location near the city’s Museum of Science and Industry mean the park could soon emerge as a new cultural campus to rival Chicago’s downtown cultural offerings.