What is the basis for baptism being the new circumcision?

I was recently listening to Dr. Scott Hahn on Pints with Aquinas. In that interview, Dr. Hahn mentions baptism as the new circumcision in relation to covenantal theology. His main point was that if baptism is the new circumcision, then we should baptize infants. What is the basis for baptism as the new circumcision (whether it be biblical/traditional)?