FIFA says it's planning to spend $196 million building an underground museum alongside its headquarters.

FIFA President Sepp Blatter says in a statement that "it is high time that world football had a meeting place for its millions of fans."

The museum will include "3D animations, interactive games, trophies," according to a report on FIFA's website.

FIFA says its executive committee has approved spending on the project, which requires final approval from Zurich city authorities.

The museum is expected to increase employment capacity at FIFA headquarters from 380 to 500 jobs.

FIFA declared cash reserves of $1.2 billion in its annual report published last month.