"The airport's design has been challenged for decades, so the city's eager to redesign it for the future".
The upgrade is meant to expand O'Hare's capacity through remodeling an existing domestic terminal into a central hub, and adding more gates.
O'Hare is getting another multi-billion dollar facelift.
Mayor Rahm Emanuel is set to announce the latest modernization efforts at O'Hare International Airport. Funding for the Terminal 2 redevelopment project is still being negotiated, he added.
O'Hare is the world's second-busiest airport as measured in landings and take-offs. They include new gates in O'Hare's global terminal, which has not been expanded since it opened 23 years ago. Domestic Terminal 2, meanwhile, will transform into the airport's new central hub.
Emanuel was keen to point out that the renovations would not require taxpayer money.
According to Airports Council International, O'Hare was the fourth busiest airport in the world previous year based on passenger traffic.
Chicago Department of Aviation Commissioner Ginger Evans has stated in the past that there's a need to modernize the terminals, according to department spokesman Owen Kilmer.
Other airports, including the world's sixth largest, London's Heathrow Airport, also face expansion in order to deal with increased traffic. By ensuring that the airport has the capacity to easily and swiftly handle the eve- growing traffic that passes through its doors each day, Chicago will cement its position as an global air traffic hub.
Chicago's O'Hare International Airport will sport more gates and a new central terminal under a plan unveiled by city and airline officials on Friday.
"As Chicago's hometown airline, we are committed to building a stronger, more vibrant O'Hare that will help elevate the travel experience for our customers", Oscar Munoz, United Airlines president and CEO said in a statement.