Club chairman Steve Parish said the stadium redevelopment project could cost between £75m-£100m. Plans will be submitted to Croydon Council in January and, subject to planning permission being granted, work could begin in the next 12 months.
The existing Main Stand will remain in full operational use throughout the three-year build process, minimising the impact on the stadium capacity in the coming seasons.
Stadium architects KSS, the firm behind the redevelopment of iconic sporting venues, including Anfield, Twickenham and Wimbledon, drew up the redevelopment plan.
Its centrepiece is a new five-storey stand featuring an all-glass front – a homage to the club’s earliest days when it stood in the shadows of the original Crystal Palace, erected on Sydenham Hill.
The roof of the new stand will be designed to funnel sound down to the pitch and the Arthur Wait Stand opposite.
A central vaulted arch, with the famous Eagle crest, is a reminder of the iconic 1851 Exhibition Hall, and eagle wings flank the 41-metre structure.
Parish said: “We need a stadium that reflects who we are, how far we have come and where we want to go – a stadium that South London can be proud of, a home worthy of our incredible support and unique atmosphere and this great Premier League we represent.”