The proposed 34,000m2 building spans three levels and would be delivered inside the existing footprint of the airport located adjacent to the current terminal and the Radisson Blu Hotel.
It will include plans for a larger immigration and baggage reclaim area, new retail facilities and a public forecourt.
The new arrivals building will enable the current terminal building to be reconfigured and dedicated entirely to departing passengers.
Subject to the relevant planning consents and approvals, it is expected the arrivals building will take up to three years to complete with other improvements to the existing terminal due to be finished by 2022.
Stansted Airport’s CEO, Andrew Cowan, said: “Since MAG acquired the airport in early 2013, we have turned Stansted into one of the UK’s fastest growing airports.
“It has always been our vision to invest in its infrastructure to create the best experience for our growing number of passengers and airline customers and we have already invested over £150 million to update our terminal and satellite facilities.
“Subject to planning consent, the next stage will be to develop our concept designs in conjunction with our stakeholders and business partners ahead of awarding any contracts for the construction works.”