The masterplan for the 77 acre site has been unveiled to create four new villages containing up to 7,500 new homes.

Designers Terry Farrell & Partners has drawn-up the plan on behalf of the three landowners – EC&O Properties, Transport for London and London Borough of Hammersmith & Fulham.

Redevelopment is scheduled to get underway soon after the 2012 Olympics when the centre will host the volleyball tournament.

Sir Terry Farrell, Founder of Terry Farrell & Partners, said: “In developing the masterplan for Earls Court, our inspiration is London.

“We have looked at the best of London and the architectural fabric of nearby Kensington and Fulham in particular, and used that to guide our designs.

“The ‘Four Villages and a 21st Century High Street’ create a wholly new and remarkable place for London, but one which knits seamlessly into the existing urban grain.”

Cllr Stephen Greenhalgh, Leader of the London Borough of Hammersmith & Fulham said: “This proposal is a once in a lifetime opportunity for us to build new homes for estate residents and offer affordable properties to the thousands of people struggling to buy a home without leaving the borough.”