Queens Park Rangers Football Club (QPRFC) plans to invest £6.2bn in regenerating brownfield land at Old Oak in West London.
The regeneration programme will prepare hundreds of acres of land in order to build 24,000 new homes and a new 40,000-seat stadium.
In addition, the area will be added to with new commercial space, including retail, studios and offices, restaurants, cinemas, a hotel and other leisure accommodation.
The project is expected to create 55,000 new jobs in the region.
QPR chairman Tony Fernandes said: "We want to create a new destination that we propose to call New Queens Park.
"It will serve as a catalyst for regeneration, creating thousands of new jobs and homes for local people.
"It will be a major transport hub that will connect Old Oak to the rest of London and other major cities across the UK."
The current Loftus Road stadium in the area can hold only 18,000 spectators and has no space for expansion, prompting QPRFC to look for alternative plans.
"Our new 40,000 seat stadium will become a focal point hosting not just football, but other entertainment and community activities for residents and visitors to enjoy," Fernandes added.
"This will give us a top-quality stadium that will be able to cater for QPR's needs as the club progresses and grows over the years ahead.
"There are many local benefits that will arise out of the regeneration of the Old Oak area, including new homes, new jobs and a much improved local environment. These benefits will be shared widely by the surrounding communities in Hammersmith, Ealing and Brent, including large numbers of our supporters."
QPRFC has invited people to share their opinion about the master plan.
Image: An artist's rendering of the proposed 40,000-seat football stadium at Old Oak in West London. Photo: courtesy of Queens Park Rangers Football Club.