Waterloo station is being lined up for a landmark revamp with a new concourse and more green space among the ideas being touted.
The upgrades would make the station easier to navigate, reduce congestion of platforms and ease access, Network Rail and Lambeth Council said.
But a Network Rail boss warned that a “great deal of work”, including finding funding, will be needed to bring the project forward.
Under the proposals, the station’s northern concourse would be redesigned to include a remodelled entrance.
A brand new southern concourse would help passengers flow in and out of the station, the two stakeholders said.
There are also plans for over forty new walking and cycling routes and 1,900m2 of new green space around the station that could include hundreds of new trees.
Finally, some bus and taxi stops will be relocated to an enhanced interchange on the southeastern side of the station.
Network Rail chair, Lord Peter Hendy of Richmond Hill, said: “We are delighted to be working with Lambeth Council on an exciting long-term plan to transform London Waterloo station.
“London Waterloo is iconic, and one of the busiest stations in the country, and it is imperative this station continues to evolve to ensure it is a world class transport hub and meets the needs of the millions of passengers that use the station each year, today and into the future.
“This a significant but first step towards realising this ambition, and there is a great deal of work to do to progress this forward and find funding. As we refine these plans, we look forward to working with our wider partners, passengers, local businesses and organisations, and the local community.”
Lambeth Council also said it will invest £1.5m to further develop projects that could deliver key benefits in the short term.
Waterloo is the whited busiest transport hub in the country, the rail operator said.
Lambeth Council has said more detailed information about their vision for the area will be released “in due course”.