Drawn up by Hamiltons Architects, and landscape architect Randle Siddeley Associates, the proposed scheme will create a massive new main stairway to Wembley Stadium which - if the latest reports are to be believed - is finally due to open in May.
However the project's backer, developer Quintain, is confident that the scheme could be ready before the London 2012 Games kick-off, and has already dubbed the design the 'Olympic Steps'.
According to the design team, the 66m-wide stairway - wider than those at Trafalgar Square - will be one of the 'largest privately funded public realm projects' in the UK.
The scheme includes new landscaped terraces and will link into Arena Square and Wembley Park Boulevard which will be lined with shops, bars and restaurants. There are also plans for new lifts to provide direct access for the disabled and elderly.
Nick Shattock, deputy chief executive of Quintain, said: 'The Olympic Steps will provide a world-class entrance to a world-class stadium and take its place as one of the true landmarks of London.
'This is an important milestone in creating Wembley as an international leisure destination and a thriving environment.'