The hugely successful plant manufacturer is planning a new development for the site of his long-established factory in Uttoxeter, Staffs.
Bamford said he wants the site redeveloped in a way that will benefit the area, because he plans to pull out of the factory.
He said: 'My family has very long links with Uttoxeter; we started out as blacksmiths there in the 1820s and my father founded JCB in the town in 1945.
'For that reason I want to leave a legacy to Uttoxeter by ensuring any development which takes place on the JCB Heavy Products site is of a very high standard.
'I'd like to be personally involved in deciding how the JCB Heavy Products site is developed and would like to see a RIBA competition in order to secure an award-winning design for the area.'
It is understood that any competition brief is likely to demand a mixed-use solution.