The club and its partners Stadium Capital Developments want to build a new football stadium at the heart of the regeneration area covering several hundreds of acres.
The plans – dubbed New Queens Park – will also include 24,000 homes.
The project team so far consists of Farrells, Populous, EC Harris and Savills.
QPR chairman Tony Fernandes said: “Loftus Road is – and always will be – a special place for the club and our supporters, but we need more than an 18,000 capacity.
“With no option of expanding here, we have to look elsewhere and we welcome the Mayor’s and Hammersmith & Fulham Council’s commitment to regenerate the area, which includes an option to develop a new stadium at Old Oak as a key catalyst to bring forward redevelopment, cementing our future in this part of West London.
“Not only will this give us a top quality stadium to cater for QPR’s needs as the club progresses and grows over the years ahead, but we are very excited about being the driving force behind creating one of the best new urban places in the world.
“This will be the catalyst for the regeneration of a forgotten area – ultimately bringing new transport, 24,000 homes and at least 50,000 jobs.”
Antony Spencer, who – alongside Sir Terry Farrell – is developing the master-plan for Old Oak, commented: “We envisage a new vibrant, mixed-use and high-quality entertainment and leisure development, which will turn this neglected but tremendously well-connected area into a new world-class city quarter.
“We are talking to a number of world-class architects to design iconic tall buildings akin to New York, the Far East and London’s finest, as well as improving and incorporating the waterside environment of the Grand Union Canal.
“We have assembled a top-class professional team to design tens of thousands of new homes, a 350 bedroom luxury hotel and millions of square feet of entertainment and leisure focused commercial space including: retail, studios and offices, bars and clubs, restaurants, cinemas and other leisure accommodation.”