Network Rail and South West Trains are working to bring the platforms in the former Waterloo International Terminal back into use.
The project will develop five new platforms for London commuter services, redesigning the concourse and platforms for passengers.
The works involve strengthening three bridges on the approach to platforms 20-24 as well as changing the layout of the track and platforms.
Planning application for the proposed work has been submitted to the London Borough of Lambeth.
If permission is granted, preparation work would be expected to start in October 2015, with construction taking place between November 2015 and the end of 2016.
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Associated track and signalling work will then continue until mid-2017.
John Halsall, Route Infrastructure Director for Network Rail said: "The project to improve the railway and strengthen the bridges on the approach to Waterloo is an absolutely vital part of our plans to improve capacity at Britain’s busiest station.
"The submission of the planning application to carry out this work is an important step forward and, if approved, we expect to start work before the end of the year."
Tim Shoveller, Managing Director of South West Trains, added: "We operate one of the busiest railways in Europe, with over half a million passenger journeys every day.
"The biggest investment for decades on our network is well underway but the work to expand London Waterloo is absolutely vital to make sure we can provide much needed extra space, both for our customers now and in the future."
The proposed works are a vital part of the overall programme to increase capacity at London Waterloo and ensure it can continue to provide for the growing number of passengers using the station.
Strengthening the bridges will allow platforms 20-24, currently part of the former Waterloo International Terminal, to be used for domestic services.
Plans are also being developed to extend platforms 1-4 to allow ten-car trains to run on the Suburban network for the first time.
A comprehensive public awareness programme is now underway, with letters and leaflets being sent to local homes and businesses to explain the proposals.
(LM)
