Known for hosting trade fairs and events including the BBC Good Food Show and the Olympia London International Horse Show, it has also staged large-scale music concerts and boxing matches.
Working with design practice Heatherwick Studio and architects SPPARC, owners Deutsche Finance and Yoo Capital now plan to turn the West Kensington event space into a leading creative industries hub.
The redevelopment will also add hotels, restaurants and cinemas to the site.
The proposals aim to enhance the public space at the 130-year-old exhibition centre by dedicating at least 2.5 acres to this purpose and adding more green spaces.
The plans are being shown at Olympia before a planning application is submitted later this year.
Yoo Capital Chairman John Hitchcox said: “As caretakers of Olympia London, we are investing to protect this iconic site and promote it on the global stage as a world-leading destination for the creative industries. These proposals reflect consultations and discussions with our community to ensure we create an exciting and inspirational venue with unparalleled facilities.”