West Ham United have agreed the sale of Upton Park to London developer Galliard Group once the club has moved to the Olympic Stadium in 2016.
The Galliard Group plans to build a new village on the site that would include both housing and retail facilities.
A statue of former West Ham captain Bobby Moore has also been commissioned.
West Ham vice-chairman Karren Brady told the club's official website: "We opted to reach an agreement with Galliard because they are a local London developer and employer with origins in East London.
"We know they are committed to working closely with the local community and Newham Council on proposals to transform the site into a residential and retail village, which will benefit the local community and east London's regional economy.
"The deal demonstrates that we have been true to our word by securing the regeneration of two areas of east London through our move to the Olympic Stadium in 2016."
West Ham moved to Upton Park when the stadium was first built in 1904.
